Zcash (ZEC) is back in the spotlight this week as traders gear up for its long-awaited return to OKX on November 24. After a choppy stretch that pushed prices sharply lower, market sentiment is shifting again — and many are watching whether ZEC can break through the $560 resistance area in the coming days.
ZEC spent much of the past week under pressure, slipping 22% from recent highs and dropping to around $536 at the time of writing. The token has been moving between $531 and $606 over the last 24 hours, reflecting cautious trading ahead of the OKX event. Despite the pullback, Zcash still boasts an impressive monthly gain of 99%, reminding investors how strong its October–November rally has been.
Trading activity, however, tells a different story. Daily spot volume has cooled to about $1.19 billion — a sharp 42% slide from the previous day. Derivatives markets show a similar slowdown: futures volume is down 25% to $4.25 billion, and open interest has eased 4% to roughly $929 million. The decline signals that traders are stepping back from large leveraged bets and letting the market reset after its strong run.
OKX Re-Listing Injects Fresh Volatility
OKX confirmed on November 23 that Zcash would return to spot trading after being delisted last year during a broader privacy-coin regulatory cleanup. According to the exchange, ZEC now meets updated compliance requirements and has shown notable on-chain and market performance that supported the decision.
The announcement triggered a quick price jump, pushing ZEC more than 12% higher toward the $600 mark before traders locked in profits. OKX plans to open ZEC/USDT spot trading at 8:00 PM (UTC+8) on November 24, with withdrawals following two hours later. The countdown has added a fresh dose of short-term volatility as liquidity shifts between spot and futures markets.
Beyond the exchange listing, November has brought several milestones for the network itself. Zcash mining metrics — including hashrate, difficulty, and node activity — all reached new highs. Grayscale now oversees more than $229 million worth of ZEC through its trust product, while Cypherpunk Technologies increased its holdings to more than 230,000 ZEC. Developers are also rolling out advanced privacy and security updates, including features designed to support private cross-chain transfers and protect against potential quantum threats.
Technical Outlook: Can Bulls Reclaim Control?
ZEC is currently trading below a key short-term resistance band between $560 and $580, where both the 10-day and 20-day moving averages sit. Losing these levels earlier in the week shifted the outlook to neutral, with a slightly bearish tilt. For now, traders are watching the $500–$510 region closely — an area that aligns with the 30-day averages and previously acted as a support zone.
Momentum signals are mixed. The MACD and broader momentum indicators are showing signs of fatigue, while the RSI near 52 suggests neither overbought nor oversold conditions. Most oscillators remain neutral, indicating hesitation rather than a clear trend.
A decisive close above $560 could open the door for another attempt at the $600–$620 range. But if ZEC slips below $500, bears may regain control, potentially dragging the price toward the $460–$480 support area formed earlier this month.
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