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. 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.

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