Zcash $ZEC Gave Back Its Big Upgrade Rally — Down 7% After the NU7 Launch
Zcash is trading near $1,264 tonight, almost flat in the last 24 hours, in a range between $1,237 and $1,290. But look at the last two days and the story changes: ZEC jumped 7.3% to $1,374.92 on Thursday when its NU7 upgrade went live, then fell about 7% over the next day to around $1,250 — giving back almost all of the upgrade gains.
What happened? The NU7 upgrade went live on November 6 at 7:34 AM PKT and cut Zcash's block time from 75 seconds to 25 seconds, making the network faster. Traders bought the good news first, then sold — a classic "buy the rumour, sell the news" move. Leveraged long traders were flushed out too: open interest fell to $2.81 billion, about 10% below its two-day high of $3.12 billion. The Grayscale Zcash ETF also saw about $11 million leave on November 5.
What is Zcash? It is a privacy coin: it uses zero-knowledge proofs (zk-SNARKs) to hide the sender, receiver and amount of a transaction, while still keeping the blockchain secure. It is the 10th biggest crypto, worth about $21.3 billion.
Levels to watch: support sits near $1,200 — holding it keeps the $1,375 area in play. Resistance is at $1,375, then $1,400. A break below $1,200 would mean the whole upgrade rally is gone.
Do you think Zcash holds $1,200, or does the upgrade sell-off drag it lower first?
Educational content only, not financial advice.
#BinanceSquare #WriteToEarn #Zcash #CryptoNews
Zcash is trading near $1,264 tonight, almost flat in the last 24 hours, in a range between $1,237 and $1,290. But look at the last two days and the story changes: ZEC jumped 7.3% to $1,374.92 on Thursday when its NU7 upgrade went live, then fell about 7% over the next day to around $1,250 — giving back almost all of the upgrade gains.
What happened? The NU7 upgrade went live on November 6 at 7:34 AM PKT and cut Zcash's block time from 75 seconds to 25 seconds, making the network faster. Traders bought the good news first, then sold — a classic "buy the rumour, sell the news" move. Leveraged long traders were flushed out too: open interest fell to $2.81 billion, about 10% below its two-day high of $3.12 billion. The Grayscale Zcash ETF also saw about $11 million leave on November 5.
What is Zcash? It is a privacy coin: it uses zero-knowledge proofs (zk-SNARKs) to hide the sender, receiver and amount of a transaction, while still keeping the blockchain secure. It is the 10th biggest crypto, worth about $21.3 billion.
Levels to watch: support sits near $1,200 — holding it keeps the $1,375 area in play. Resistance is at $1,375, then $1,400. A break below $1,200 would mean the whole upgrade rally is gone.
Do you think Zcash holds $1,200, or does the upgrade sell-off drag it lower first?
Educational content only, not financial advice.
#BinanceSquare #WriteToEarn #Zcash #CryptoNews
