Zcash (ZEC) is trading at $640, down 5.72% over the past 24 hours, as the market cools from one of the strongest altcoin rallies of the year. Despite the pullback, ZEC is still up an extraordinary 1,700% over the last 90 days, having reached a cycle high of $736 on November 7 before losing momentum.
The latest decline pushed ZEC’s market capitalization to $10.45 billion, a 6.5% daily drop, while 24-hour trading volume fell to $2.4 billion, down 38.1%, signaling fading speculative pressure after weeks of aggressive buying.
On the TradingView 5-minute chart, ZEC continues to drift lower after failing to hold the high-$600 zone. The price is now hovering in the mid-$630s, where buyers have shown only limited support. Momentum remains fragile: the RSI also is confirming a neutral-to-bearish setup without oversold conditions.
One important factor contributing to volatility is supply expansion. On November 17, a scheduled unlock released 11 million ZEC (valued around $7.5 million), part of Zcash’s weekly linear unlock structure. These periodic unlocks can temporarily add selling pressure, especially during corrective phases.
What traders are watching now is the 7-day SMA at $566. A confirmed daily close below this moving average could signal a deeper correction toward the 38% Fibonacci retracement level at $535. Conversely, regaining the $660–$680 range would be the first sign of stabilization after the sharp cooling period.
ZEC’s massive run-up and the current pullback put the spotlight on key support levels as traders evaluate whether this is a healthy retracement, or the start of a broader unwind.