Zcash has slipped back toward $1,400 after losing the $1,500 support level it held for most of September, with momentum indicators cooling from overbought territory. Gemini co-founder Tyler Winklevoss says the renewed attention on the privacy coin feels like 2019, while Gemini has moved its Zcash infrastructure onto a faster node ahead of November's network upgrade.
ZEC trades near $1,412, down 0.4% over 24 hours and 12% over the past week, after breaking below the $1,500 level that had supported it through most of September. The token swung between $1,360 and $1,488 over the period, with market capitalization near $24 billion and volume around $1.31 billion. The pullback follows a rally that pushed ZEC to a seven-day high near $1,688, and it still sits about 70% higher over the past month despite the latest slide.
Zcash tests the $1,400 area
On the daily chart, ZEC has slipped below its 20-day middle Bollinger Band near $1,410.33, a level that points to weaker short-term momentum after September's climb. The 14-day RSI has eased to 53.41, down from overbought readings earlier in the month and now well below its own moving average near 65.60. A reading above 50 keeps ZEC out of oversold territory, but the drop shows buying pressure has faded since the rally's peak.
Analysts eye deeper support near $1,200
Crypto analyst Alpha Crypto Signal identified the $1,170-$1,210 zone as the next area where a bullish reaction could form, describing it as a potential long interest zone rather than a call that price would necessarily fall there. Losing $1,400 would leave the recent intraday floor near $1,360 as the next visible reference, while a recovery above $1,500 would put ZEC back over the level it lost during the sell-off.
Winklevoss sees echoes of 2019
Gemini co-founder Tyler Winklevoss wrote that Zcash "feels like crypto in 2019", a comment on renewed attention around the privacy coin rather than a price target. The remark followed a rally that took ZEC above $1,000 in early September after Grayscale converted its Zcash Trust into a spot ETF on NYSE Arca.
Gemini preps for a faster network
Away from price action, Gemini said its Zcash infrastructure now runs on Zakura, a Rust-based full node the exchange adopted ahead of NU7, Zcash's next upgrade. Gemini said Zakura reached the chain tip in a little over six hours during deployment, versus close to a day for its previous node, and customer deposits and withdrawals continue working as before. NU7 is tentatively scheduled for Nov. 5 and will cut Zcash's block spacing from 75 seconds to 25 seconds. Separately, OKX perpetual futures open interest in ZEC fell from $190.69 million to $164.95 million on Sept. 28, pointing to traders cutting leverage during the retreat.
Source: crypto.news
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