Zcash tests $560 as OKX readies Nov. 24 relisting

Zcash traded just under the $560–$580 resistance zone as OKX prepared to restore ZEC spot trading on Nov. 24. The token is down 22% from recent highs over the past week, while spot volume fell 42% to $1.19 billion.

Over the past 24 hours, ZEC moved between $531 and $606 as activity cooled across spot and derivatives markets. Futures volume declined about 25%, and open interest slipped 4% to $929 million, indicating fewer large leveraged positions ahead of trading restarting on the exchange.

OKX plans to relist ZEC after removing several privacy tokens last year during a compliance review. The exchange lists a ZEC/USDT pair, with withdrawals scheduled to resume later the same day. Anticipation around the restart has prompted traders to shift exposure between futures and spot markets before order books reopen.

On the charts, ZEC is capped by $560–$580, where short-term averages are clustered. A decisive break above that area with stronger volume would put $600–$620 back in view. On the downside, $500–$510 is the first support. If that range gives way, technicians are watching $460–$480, where a recent base formed.

Momentum signals are mixed. MACD points to fading near-term strength, while the relative strength index near 52 sits in neutral territory. Most oscillators remain mid-range as traders wait for the relisting catalyst.

Network and institutional metrics strengthened in November. Mining hashrate, difficulty and node participation are near recent highs. Grayscale manages more than $229 million in ZEC through its trust, and Cypherpunk Technologies holds over 230,000 ZEC. Development updates include tools for private cross-chain transactions and features intended to improve resilience against potential future quantum risks.

As GNcrypto covered previously, ETF analyst Eric Balchunas warned that rising attention around Zcash could split political support from Bitcoin, likening ZEC’s momentum to a third-party run. He spoke as ZEC rebounded above $700 after dipping below $600. Bitcoin-focused voices Arman Meguerian and Samson Mow said they don’t see BTC investors switching to ZEC. Some traders questioned the rally’s drivers, while supporters cited demand for shielded transactions. Zcash uses zero-knowledge proofs for encrypted transfers; Bitcoin relies on transparent UTXO flows and privacy tools that have faced tighter scrutiny.