Zcash Price Prediction After NU7 Goes Live — Can ZEC Rally?

Frank bevah
Frank bevah

Frank bevah

Market Analyst
Frankbevah is a senior crypto market analyst and stock Journalist with four years of industry experience. He focuses on in-depth market analysis, emerging trends, and real-time developments across cryptocurrency and equity markets.
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Zcash Price Prediction After NU7 Goes Live — Can ZEC Rally?

Highlights

  • Zcash’s NU7 upgrade cut target block times to 25 seconds.
  • Zcash Price could retest $1,350 after a close above $1,300.
  • Zcash derivatives volume jumped 35.18% as open interest fell 8.47%.

Zcash Price fell 3.48% to $1,276.66 over 24 hours on Friday as the network activated its NU7 upgrade. 

Bitcoin price dropped 5.28% over the same period, while the total value of cryptocurrencies fell 5.55% to $2.54 trillion.

The rising number of forced closures of leveraged trades pushed further sell orders onto the market as prices declined. 

Spot Bitcoin ETFs in the U.S. also saw redemptions, and the Fear and Greed Index was at 32. The sentiment surrounding the market was put in the fear category in the reading, as major cryptos lost value.

NU7 Goes Live: What’s Next For ZEC?

NU7 took effect at block 3,543,405 at about 02:34 UTC on November 6. After the upgrade, Zcash’ll produce a new block in 25 seconds every 25 seconds, which is now 10 times faster. After the upgrade, the Zcash will produce a new block in 25 seconds every 25 seconds, which is 10 times faster than the previous 75 seconds.

When a miner adds a transaction to a block, it gets its first confirmation; other blocks add confirmations. 

The time to get an expected 3 confirmations could be reduced from 225 seconds to 75 seconds. Waits can vary based on network conditions and the number of confirmations necessary for a wallet, exchange or merchant.

The upgrade also establishes new limits on shielded transactions, which are done using Zcash’s privacy features to hide payment information. 

The Network Sustainability Mechanism (NSM) is a policy implemented by Zcash that allocates 60% of the transaction fees to miners as they create blocks. The network will return that share to circulation via block rewards as time goes on, giving miners money from previous transactions.

Sprout, an early privacy pool with approximately 12,224 ZEC when NU7 was activated, was retired with the upgrade. Those holdings became unspendable under the new rules and were worth about $16 million at Friday’s quoted price.

Zcash Price Prediction: Will ZEC Rally?

At the time of writing, the Zcash price stood at $1,283.53 on the 4-hour chart.  

The RSI was 53.98 and slightly above the 50 level but below the RSI 56.40 moving average. 

The MACD line was trading above the signal line at 11.36 just a little above 11.83. The histogram had been reduced to 0.47 which indicated a loss of momentum in the rebound near resistance.

If the market swings higher, the 4-hour chart may be able to shed light on the recent swing high around $1350. Getting past that level will bring $1,400 into focus, towards the end of October as per Long-term ZEC projection.

Zcash Price Prediction After NU7 Goes Live — Can ZEC Rally?
Source: TradingView

A further sell-off below $1,300 would push the ZEC to approximately $1,250 to $1,260, where the latest candle bottomed out. 

If below that zone, then Zcash may see its price go to $1200 in October, where it has been bought multiple times. If the price moves below $1,200, it will expose the low for early November around $1,130.

Zcash Derivatives Volume Surges 35.18% as Open Interest Falls 8.47%

Zcash’s derivatives trading volume rose 35.18% to $10.23 billion, or about $2.66 billion higher than the prior reading. 

Zcash Price Prediction After NU7 Goes Live — Can ZEC Rally?
Source: Coinglass

The volume of open interests dropped by 8.47% to $2.73 billion, which was approximately $253 million less than the previous day. This resulted in the turnover being almost double the open interest that was reported.

Investment disclaimer: The content reflects the author's personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Frequently Asked Questions (FAQs)

1. How did the Zcash price move when NU7 went live?

ZEC fell 3.48% over 24 hours to $1,276.66. Bitcoin dropped 5.28% over the same period, while the total crypto market value fell 5.55%.

2. How does NU7 affect Zcash confirmation times?

A service requiring three confirmations could see its expected wait fall from 225 seconds to 75 seconds. Actual waits depend on when miners include the transaction and how quickly subsequent blocks arrive.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

ZEC

Zcash

$1,449.7643 -8.89%

24 Hours volume

$1.68B

Market Cap

$23.67B

Max Supply

21M

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About Author
About Author
Frankbevah is a senior crypto market analyst and stock Journalist with four years of industry experience. He focuses on in-depth market analysis, emerging trends, and real-time developments across cryptocurrency and equity markets.