Markets· ★★★· bearish·

Zcash Slips to $1,157 as Only 1% of $2.25B Open Interest Gets Flushed

  • —$22.8 million in ZEC futures liquidated in 24 hours, mostly longs
  • —Open interest of $2.25 billion equals about 12% of ZEC's $19.5 billion market cap
  • —Futures volume of $5.3 billion ran roughly 15x the $340 million on spot
  • —Key support at the 0.382 Fib near $1,142; resistance at the 50-day SMA near $1,296
Why it matters: Leverage is barely reset: a break of $1,142 could trigger forced selling, while a hold may fuel a short-covering rally.
#ZEC
Source: Coindoo
More on this
Markets · Oct 19
Zcash slides as ETF outflows hit $19.15M and futures open interest drops to $2.25B
 Markets · Oct 15
Zcash Erases Nearly All of Its 48% Rally as Interest and Open Interest Peaked Before Price
 Markets · Oct 9
Zcash Falls 13% to $1,133 as Open Interest Drops and ETF Outflows Mount