Key Notes
- Zcash (ZEC) rebounded 3% to $611 after Saturday’s 4% correction ended its eight-day winning streak.
- Open interest in ZEC futures has surpassed $1 billion, signaling increased speculative activity and potential volatility.
- Technical indicators show mixed momentum as bulls and bears take control after a 90% rally in early November.
Zcash (ZEC) rebounded 3% to $611 on Sunday, November 10, reversing part of Saturday’s 4% decline that ended an eight-day winning streak. Over the first eight days of November, ZEC soared nearly 90%, defying broader market turmoil as Bitcoin and Ethereum fell to multi-month lows.
ZEC’s brief price correction failed to dampen the enthusiasm of speculative traders. Open interest in Zcash derivatives surpassed $1 billion on Sunday, with an increase of 1.4% in 24 hours, equating to approximately $14 million in new long and short positions.
However, the long/short ratio, finely balanced at 1.006, reflects that the latest capital flows have been evenly split between bulls expecting further upside and bears betting on exhaustion after the recent pause. The near-term price outlook for ZEC remains uncertain as traders now await further macroeconomic signals for the coming week.
Zcash Price Forecast: Can ZEC Maintain Its 90% Surge in November?
Zcash price action shows signs of consolidation after its sharp rise at the start of the month. The daily chart reveals that ZEC is trading within the upper range of the Bollinger band, with prices hovering around $610, slightly below the upper band resistance of $667.
The MACD remains in bullish territory, with the blue line still positioned above the signal line at 101.55 from 82.91, indicating that underlying momentum remains constructive but is likely to fade if volume weakens. The flattened histogram suggests a decrease in buying pressure after the recent parabolic move.
Zcash (ZEC) Technical Price Prediction | Source: TradingView
Meanwhile, the Money Flow Index (MFI) is reading 71.17, just above the overbought level, implying that inflows remain strong but could soon weaken as traders take profits or change positions. A sustained reading above 70 generally precedes short-term corrections or sideways consolidation phases.
On the upside, a sharp daily close above $667 would confirm the continuation and pave the way for Zcash price to approach $750, followed by $820 as the next key upside price objective.
Conversely, failure to defend the $560-$580 area, near the midline of the Bollinger Bands, would expose ZEC price to deeper retracements towards $500.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article is intended to provide accurate and current information, but should not be considered financial or investment advice. Because market conditions can change quickly, we encourage you to verify the information for yourself and consult a professional before making any decisions based on this content.
Ibrahim Ajibade is a seasoned research analyst with experience supporting various Web3 startups and financial organizations. He completed his undergraduate degree in Economics and is currently studying for a Master’s degree in Blockchain and Distributed Ledger technologies at the University of Malta.
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