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However, it has declined by more than 8% in the last 24 hours and has now dropped below $430.
The bearish performance comes amid a broader risk-off sentiment driven by escalating geopolitical tensions in the Middle East and ongoing macroeconomic uncertainty.
The technical indicators remain neutral on Wednesday, indicating indecision among traders.
Despite the cautious market backdrop, $ZEC continues to attract attention from traders looking for short-term upside opportunities.
Open Interest remains high despite the price dip
Retail engagement in Zcash appears to be strengthening, particularly in the derivatives market.
Data from CoinGlass shows that perpetual futures open interest (OI) has steadied around $1.03 billion on Wednesday, significantly higher than the $825 million recorded on Sunday.
This steady increase in open interest over the past few days suggests growing speculative participation, which could support further price stability or momentum provided demand continues to build.
The long-to-short ratio has declined below 1 and now reads 0.9964, indicating a growing bearish momentum.
The $ZEC OI-Weighted Funding Rate is also negative (-0.0806%), suggesting that the bears are currently paying the longs.
The mixed derivatives data further support the indecision theory among retail traders in the market.
$ZEC price outlook: Can the bulls bounce back soon?
The $ZEC/USD 4-hour chart is bearish following last week’s sharp decline.
The coin is now trading at $427, down by 8.8% in the last 24 hours.
It has dropped below the 100-day EMA ($430) but maintains its price above the 200-day EMA at $370, reinforcing a broader medium-term support structure.
$ZEC’s upside momentum remains constrained by resistance at the 50-day EMA near $486, with a stronger technical ceiling at the Parabolic SAR level around $572.
Similar to the derivatives data, the technical indicators remain mixed.
The MACD histogram is still negative, while the RSI sits just above neutral territory, suggesting that bullish momentum is not yet firmly established.
If the bullish trend resumes, $ZEC would need to push above the first major resistance at $486 (50-day EMA) to enable it to target the $572 level.
A daily close above $572 would signal a stronger recovery phase and potentially shift momentum decisively in favor of buyers.
On the flipside, a decisive close below the 100-day EMA at $430 could see $ZEC extend its decline towards the 200-day EMA at $370.
A breakdown below $370 would strengthen the broader bearish outlook and could expose further downside pressure.
Zcash remains in a technically fragile but improving position.
While rising open interest signals increasing participation, price action still needs to break above key resistance zones to confirm a sustained bullish reversal.
The broader market price action remains choppy due to the ongoing conflict in the Middle East.
Traders are focusing their attention on the CPI data to be released later today to determine the market’s direction in the near term.
