$ZEC has been stuck in the same box for two weeks and I think it resolves before NU7 goes live.
Range on the 4h is roughly 1,050 to 1,370. Tagged 1,368 on the 21st, got sold right back down, now sitting around 1,230. Still about 28% under the 1,698 top from late Sept, but even after that it's up ~150% in 90 days, so this is a coin that's been cooling off, not one that's dead.
What caught my eye: ZEC perps did ~$1.67B in volume on Binance in the last 24h, more than SOL. But open interest went from ~472k to ~438k ZEC since that rejection, so longs got shaken out instead of piling in. Funding is basically flat and more accounts are short than long (L/S ratio 0.78). Nobody's crowded on the long side here.
The catalyst is real too. NU7 mainnet is set for around Nov 5-6, 25s blocks instead of 75s, and 60% of tx fees get pulled from circulation. Zcash Foundation shipped Zebra 7.0.0 for it on the 22nd.
My line: 4h close above 1,370 and I think the 1,500s are back on the table. Lose ~1,195 and it's probably another trip to 1,050-1,075 first. Watching which one breaks đ
Not financial advice, just how I'm reading the chart.
#ZEC #Zcash #NU7 $BTC
Range on the 4h is roughly 1,050 to 1,370. Tagged 1,368 on the 21st, got sold right back down, now sitting around 1,230. Still about 28% under the 1,698 top from late Sept, but even after that it's up ~150% in 90 days, so this is a coin that's been cooling off, not one that's dead.
What caught my eye: ZEC perps did ~$1.67B in volume on Binance in the last 24h, more than SOL. But open interest went from ~472k to ~438k ZEC since that rejection, so longs got shaken out instead of piling in. Funding is basically flat and more accounts are short than long (L/S ratio 0.78). Nobody's crowded on the long side here.
The catalyst is real too. NU7 mainnet is set for around Nov 5-6, 25s blocks instead of 75s, and 60% of tx fees get pulled from circulation. Zcash Foundation shipped Zebra 7.0.0 for it on the 22nd.
My line: 4h close above 1,370 and I think the 1,500s are back on the table. Lose ~1,195 and it's probably another trip to 1,050-1,075 first. Watching which one breaks đ
Not financial advice, just how I'm reading the chart.
#ZEC #Zcash #NU7 $BTC