Privacy coin leader $ZEC falls back to $1,000 — has the bullish news around the NU7 upgrade been wiped out? 👇
1️⃣ Market action: ZEC is currently trading at around $1,000 on Binance spot, down about 13% in 24 hours. It hit a low of 966 today. On November 6, the day of the NU7 upgrade, it surged to a high of 1,388, then pulled back about 30% over five days.
2️⃣ The upgrade itself is working fine: NU7 activated at block height 3,543,405. Block times have shortened from 75 seconds to 25 seconds, and 60% of fees go into a reserve pool, with funds flowing back to miners starting in 2031. The total supply cap remains 21 million coins.
3️⃣ Funds are flowing out: According to The Block, Grayscale’s Zcash product ZCSH saw net outflows of over $15 million in the first 10 days of November, following outflows of about $46 million in October.
4️⃣ Macro headwinds: US CPI rose 0.4% month over month in October, above the expected 0.3%. FXStreet, citing CME FedWatch, says the probability of a 25-basis-point rate hike in December is around 90%. More than $700 million in positions were liquidated across the market in 24 hours, including about $580 million in long positions. $BTC is currently around $74,150, down about 1%—holding up much better. $DASH is down about 3%, around $44, and privacy coins are generally weak.
📌 My take: This ZEC downturn looks more like profit-taking after a sharp run-up ahead of the upgrade, compounded by a cascade of liquidations in leveraged long positions—not a problem with the project’s fundamentals. $1,000 is a psychological level. It briefly dipped to 966 today before rebounding. In the short term, watch whether it can hold the 960–1,000 range. If it does, you could try a small long position, with 1,080 as the first target, followed by 1,150. If the daily candle closes below 960, the next support is around 880; there’s no rush to consider buying before then. Volatility may pick up further ahead of the US PPI release on Friday (November 13).
ZEC has fallen to 1,000—are you buying the dip or staying on the sidelines? Let’s talk in the comments 👇
#ZEC #PrivacyCoins #币安广场
Personal opinion only; not investment advice
1️⃣ Market action: ZEC is currently trading at around $1,000 on Binance spot, down about 13% in 24 hours. It hit a low of 966 today. On November 6, the day of the NU7 upgrade, it surged to a high of 1,388, then pulled back about 30% over five days.
2️⃣ The upgrade itself is working fine: NU7 activated at block height 3,543,405. Block times have shortened from 75 seconds to 25 seconds, and 60% of fees go into a reserve pool, with funds flowing back to miners starting in 2031. The total supply cap remains 21 million coins.
3️⃣ Funds are flowing out: According to The Block, Grayscale’s Zcash product ZCSH saw net outflows of over $15 million in the first 10 days of November, following outflows of about $46 million in October.
4️⃣ Macro headwinds: US CPI rose 0.4% month over month in October, above the expected 0.3%. FXStreet, citing CME FedWatch, says the probability of a 25-basis-point rate hike in December is around 90%. More than $700 million in positions were liquidated across the market in 24 hours, including about $580 million in long positions. $BTC is currently around $74,150, down about 1%—holding up much better. $DASH is down about 3%, around $44, and privacy coins are generally weak.
📌 My take: This ZEC downturn looks more like profit-taking after a sharp run-up ahead of the upgrade, compounded by a cascade of liquidations in leveraged long positions—not a problem with the project’s fundamentals. $1,000 is a psychological level. It briefly dipped to 966 today before rebounding. In the short term, watch whether it can hold the 960–1,000 range. If it does, you could try a small long position, with 1,080 as the first target, followed by 1,150. If the daily candle closes below 960, the next support is around 880; there’s no rush to consider buying before then. Volatility may pick up further ahead of the US PPI release on Friday (November 13).
ZEC has fallen to 1,000—are you buying the dip or staying on the sidelines? Let’s talk in the comments 👇
#ZEC #PrivacyCoins #币安广场
Personal opinion only; not investment advice