Why is Zcash price down today? ZEC open interest falls 12%

Zcash price has fallen 3.78% over the past 24 hours to approximately $1,225 on October 23, as traders reduced derivatives exposure following the cryptocurrency’s recent recovery. Summary Zcash price fell 3.78% to approximately $1,225 on October 23, extending its volatile October trading pattern. ZEC futures open interest dropped 12.45% to $2.37 billion, pointing to reduced outstanding derivatives exposure. Technical indicators show resistance near $1,234 and $1,250, while $1,200 remains an important support area. Analyst Ali Martinez identified a potential recovery toward $1,350 if ZEC can defend its nearby support levels. Zcash’s upcoming NU7 upgrade remains a development catalyst, although its market impact is not guaranteed. At the same time, ZEC open interest declined 12.45% to $2.37 billion, while futures trading volume fell 10.28% to $7.23 billion, as per CoinGlass derivatives data. The simultaneous declines in price and outstanding positions suggest traders have been closing leveraged positions, although the figures do not establish whether long liquidations or voluntary exits drove the selloff. Why is Zcash price falling today? The latest crypto.news price data places ZEC b...