$ZEC — update

Despite the overall bearish outlook for this year and the recent news surrounding the project team, I expect we may see a test of upper levels this month.

Key levels to watch:

• 403.61 — November 2025 opening

• 427.99 — December 2025 opening

• the gap zone just above the 50% Fibonacci retracement of this year’s entire downward range (456-444)

Under a more aggressive scenario, the move could extend above the 2026 opening level, creating an opportunity to consider new short positions.

Yesterday’s decline was accompanied by a rise in open interest, which more likely indicates the opening of new long positions.
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ZECUSDT

Perp

436.55

+4.26%

ZEC

436.24

+4.03%