Zcash (ZEC), a cryptocurrency focused on privacy, has experienced a significant downturn recently, prompting concerns about further price declines. After reaching a high in November, ZEC has fallen by 30%, triggering discussions about whether this is a temporary pullback or the start of a deeper correction.
Recent Price Action and Key Levels
ZEC faced rejection at $750 twice last week and subsequently broke below its ascending channel support at $672. As of November 24, 2025, Zcash is trading around $558.46, down 5.84% in the last 24 hours. This places the price near the 20-day EMA ($560), which is considered a critical support level.
Factors Contributing to the Downturn
Several factors appear to be contributing to Zcash's recent price weakness:
- Technical Rejection: Failure to break above the $750 resistance level has created bearish sentiment among traders.
- Derivatives Market Pressure: Liquidations in the derivatives market, with $32.95 million liquidated and open interest dropping by $861.5 million, indicate panic selling. High leverage, averaging 5x, makes ZEC susceptible to cascading liquidations.
- Broader Market Weakness: The overall cryptocurrency market has experienced a decline, with Bitcoin dominance rising to 58.4% as investors move away from altcoins. The total crypto market cap fell 10.3% in 7 days.
- Whale Activity: A notable event was a whale shorting $22 million ZEC at $700 on Hyperliquid, which liquidated bullish positions during the OKX rally.
Potential for Further Decline
Analysts are closely watching key support levels. The $366–$445 Fibonacci zone is considered critical support; a break below this level could trigger algorithmic sell programs. If the price falls below $476.21, it may decline further.
Positive Catalysts and Future Outlook
Despite the recent downturn, several factors could support a potential rebound for Zcash:
- OKX Relisting: The relisting of ZEC on the OKX exchange on November 24, 2025, triggered an immediate 12% price surge, signaling a potential regulatory thaw.
- Regulatory Shifts: A softer stance from the SEC under new leadership after the 2024 elections could boost privacy coins like Zcash.
- Technical Upgrades: Zcash's ongoing technological developments, such as the October 2025 Halo 2 upgrade (eliminating trusted setups) and Project Tachyon (aiming for 1,000+ shielded TPS by Q1 2026), could drive adoption.
- Privacy Narrative: Renewed interest in privacy coins due to post-election regulatory shifts may drive demand for shielded transactions.
Predictions and Analysis
Despite the recent drop, predictions for Zcash's future price vary widely. CoinLore predicts a maximum price of $5,614 for ZEC by the end of 2025. CoinCodex forecasts ZEC to rise by 56.29% to $909.88 by December 23, 2025. Changelly estimates ZEC will reach $599.46 by November 26, 2025.
However, a contrasting analysis suggests that if ZEC stays above $600, it might spark another rally, with potential to reach $700–$740 by late November 2025.
Conclusion
Zcash's recent price drop reflects a combination of technical factors, derivatives market pressures, and broader market sentiment. While the short-term outlook appears uncertain, positive catalysts such as regulatory developments, technological upgrades, and renewed interest in privacy could support a potential rebound. Investors should closely monitor key support and resistance levels and remain aware of the high volatility associated with Zcash trading.
