Zcash Price Shows Signs of Stability Above $630
Zcash (ZEC) is trading above $630 on Friday after dropping to $595 earlier in the day. The token corrected from a strong supply zone near $700 but now shows signs of stabilizing. This may help ZEC gain momentum as the weekend approaches.
Zcash Futures Open Interest Supports Potential Rebound
Zcash derivatives are rebounding, with futures Open Interest (OI) holding above $1 billion on Friday. OI measures the total value of open futures contracts and rising OI indicates growing trader interest and risk appetite. If OI increases, ZEC could move back toward $700. However, if OI falls and retail demand weakens, ZEC may drop below $600.
Investors should be cautious as Zcash Futures Open Interest has been negative for three days. This means more traders are betting on price drops and reducing their risk.
Technical Analysis: Key Support Levels for Zcash
Zcash trades near $630, below Friday’s open price of $655. It stays above important moving averages: the 50-EMA at $624, 100-EMA at $574, and 200-EMA at $478 on the 4-hour chart. These averages are rising and support a positive short-term trend.
The MACD indicator is declining, showing some bearish momentum. The RSI sits at 47, indicating neutral to weak momentum. A rising trend line at $604 provides support. The SuperTrend indicator offers additional support near $571. If ZEC closes below $604, a deeper drop is possible. But a climb above $648 could reduce selling pressure and target $700.
