Key Takeaways:
Zcash rose nearly 3% to trade above $450, with futures open interest climbing to $788.5 million as traders positioned for a breakout above $465.
According to CoinGlass, ZEC futures open interest increased nearly 3% over the past 24 hours to approximately $788.52 million, while the perpetual funding rate held positive at 0.0096%, indicating longs remained willing to pay for upside exposure.
Long liquidations reached $967,000 during the period, while short liquidations totaled $1.6 million, reflecting balanced conviction among market participants. The Relative Strength Index hovered around 55, and the Moving Average Convergence Divergence histogram continued to shrink, suggesting bullish momentum was cooling.
A daily close above the descending trendline near $465 could open the path toward $500 and then $520, according to technical analysis. Failure to clear that level risks a pullback to $437 support, with the 200-day EMA at $382 serving as the broader bull market line.
Derivatives data shows mixed signals
The combination of rising open interest and a positive funding rate suggests retail enthusiasm has not faded entirely, even as last week's rally cooled. ZEC continues to trade above its 50-day EMA near $453, preserving short-term momentum, while remaining comfortably above the 200-day EMA at approximately $382, which underpins the longer-term uptrend.
The privacy-focused token's near-term trajectory remains tied to Bitcoin's ability to push above $64,000 resistance, as the broader cryptocurrency market consolidates following last week's gains. A decisive move in either direction for BTC could determine whether ZEC breaks higher toward $500 or corrects toward the $437 support zone.
This article is for informational purposes only and does not constitute investment advice.
