Points of Focus

• Privacy coin Zcash drops more than 56% after touching $700.
• Liquidations and falling volumes show weak momentum.
• Google search interest for “Zcash” drops sharply.

Zcash’s strong run has suddenly reversed. After jumping to $700 in November 2025, the token is now losing most of those gains. The fall has been fast, with more than 35% lost in the past week and a total drop of around 56% from the top. It feels like the excitement around privacy tokens cooled right when things were getting interesting.

During the rally, many posts on X highlighted how quickly privacy-focused coins were climbing, with many users pointing to Zcash’s surge as the clearest sign of rising interest in the sector.

$ZEC has reclaimed $700 after a massive rally that pushed it past #Monero as the leading privacy coin.

With momentum building and Arthur Hayes calling it “insurance against Bitcoin,” analysts are now eyeing higher #ZEC targets.

Dive Deeper 🔗 https://t.co/eLdGBAvL5n

— Coin Edition: Your Crypto News Edge ️ (@CoinEdition) November 17, 2025

CoinMarketCap data shows how tough this drop has been. Two big liquidation waves removed long positions worth $22 million and $18 million within days. This added even more pressure to a weak market, especially after ZEC fell below the $440 support level.

Users on X reacted strongly to the move, with some calling out how whales pushed the token to $700 before unloading their positions on retail buyers.

So, the whales mooned zcash to $700 then dumped it all on the retail….

Well done @0xMert_ pic.twitter.com/r0xGaiyP9I

— Crypto Jargon (@Crypto_Jargon) December 2, 2025

Zcash price tests deeper support after double-top reversal 

Zcash created a double top at $700 and then broke down on the daily chart. This pattern usually shows that a rally is running out of strength. Once the trend shifted, ZEC fell in five of the last six days.

The next important level is near $300. This area acted as resistance before and may now work as support. If ZEC fails to hold this level, traders are watching the next possible targets around $260 and $204.

The RSI also shows that momentum has moved toward sellers. It dropped from a high level of 88 but has not reached oversold yet. This means there could still be more downside before buyers step in again.

Volumes fall as retail interest fades 

Artemis data shows that trading volumes dropped the second time ZEC touched $700. This created a bearish signal that support was weakening. Volumes then fell to a monthly low of $636 million on November 29 before showing small signs of improvement.

Search data tells the same story. Google Trends shows that searches for “Zcash” hit 100 on November 7. That score has now dropped to 11. Price also followed this pattern. The first peak came on November 7, the second peak came a few days later, and then the rally broke down. 

Weak search interest makes a move back to $700 hard unless retail interest returns.

Can privacy tokens recover after the sell-off? 

Even after the correction, Zcash is still up about 480% this year. Monero has also doubled as privacy projects gained attention during the market recovery. Some analysts think the theme could return. Arthur Hayes believes the next big cycle may focus on privacy, which could create new demand in 2026.

For now, ZEC needs a strong bounce from the $300 level to rebuild its structure. It would also need to break above $442 and then $520 to show a clear trend reversal. Until then, the mix of liquidations, weak momentum, and low retail interest keeps pressure on the token.