$ZEC rebounded steadily after falling to an intraday low of

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$ZEC rebounded steadily after falling to an intraday low of $1,210.8. ZEC is now trading at $1,272, up about 2.62% since midnight and roughly 5.05% from its intraday low. It reached a high of $1,276.

During the rebound, two whales opened or re-established long positions in ZEC, collectively adding about $23.268 million worth of positions as prices rose. Their positions are now showing combined unrealized profits of about $429,000.

Brichc

Bullish

【ZEC surged above $1,300 before pulling back; the privacy-coin rally isn’t over】

$ZEC climbed back above $1,300 over the past week, then pulled back to $1,240–$1,250 on November 1. It was still up about 4%–5% over seven days. Over the same period, $BTC fell about 8%, while $ETH dropped about 15%, meaning ZEC clearly outperformed the broader market. On October 29, ZEC briefly surged to $1,392 before quickly retreating, showing that significant profit-taking has emerged in the $1,300–$1,400 range.

The October 29 candlestick, which surged and then pulled back, is particularly telling: the price hit a high of $1,392 that day, then fell to a low of $1,213, a single-day drop of about 6.8%. It then rebounded to around $1,270 on the 30th. The price has now returned to around $1,240, but has yet to reclaim $1,300 in the short term. In the futures market, Binance ZEC perpetual open interest is around $529 million, essentially unchanged over 24 hours. Funding is near zero and even briefly turned negative, while the long-to-short account ratio is also close to 50/50. For now, this looks more like consolidation after high-level position turnover, with no clear sign of leveraged longs returning to the market.

There is also a potential positive catalyst around November 5: Zcash’s NU7 mainnet upgrade will shorten block times from 75 seconds to 25 seconds and adjust the transaction fee mechanism. The upgrade should indeed improve network confirmation speeds, but don’t mistake it for a supply reduction: block rewards will also be adjusted, leaving average daily ZEC issuance largely unchanged. Its greater value lies in improving the privacy payment experience and adding tangible technical support to this privacy-coin narrative.

The outlook for ZEC remains somewhat bullish. The medium-term privacy narrative is still intact, especially as ZEC continues to show relative strength during BTC and ETH pullbacks. However, chasing the price around $1,240 is not recommended in the short term. Watch the $1,210–$1,180 support zone below, and $1,288–$1,300 above. Only after reclaiming and holding that upper range could ZEC have a chance to challenge $1,320–$1,390. If it falls below $1,180 and fails to recover on a rebound, be wary of further weakness.

ZEC+6.72%