- Zcash trend suggests a weak upside move in the future. It is currently trading near $43
- ZEC is trading below 50 and 100 Daily Moving Average. Meanwhile,ZEC/BTC pair has seen an increase of 3.29%
Zcash is a privacy focused blockchain which uses Zk snark technology. Zk snark allows to verify transactions without revealing much information. Zcash crypto was founded in 2016 by cypher punk expert Zooko Wilcox-O’Hearn. He has contributed to various projects and has over 25 years of experience. He is also the founder of Electric coin company which sees the development of Zcash. ZEC has seen a fall of over 99% from its all time high of $5941 in 2016. It has also a negative ROI. The reason behind the fall of Zcash price is the delisting of privacy focused coins from exchanges. Various analysts believe a strong trend will come in ZEC soon.
Zcash is currently ranked 54th in the Cryptoverse and has a market dominance of 0.08%. Volume of the asset price has seen a decline of over 28% in the intraday session. Volume to market cap ratio of ZEC suggests a downside trend for the future.
Bulls Of ZEC Expecting A Strong Run
The weekly technical chart of Zcash suggests a consolidated trend in price. On coming to the daily chart the asset price is trading near the value of $43 with a gain of 3%. The upside trend of Zcash can see a halt near $55. Meanwhile the bounceback in ZEC can be seen near $30. The asset price is trading below 50 and 100 Daily Moving Average. It can soon see a positive crossover which can push the price to a new high.
MACD of the ZEC is forming bars in negative zone. There is a potential of downtrend as -per the MACD.
Conclusion
Zcash has been looking for a strong upside move from quite some times. The current momentum of ZEC suggests a weak bullish momentum for future.
Technical Levels
Major Support:$30
Major Resistance:$55
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/12/18/zcash-price-analysis-is-a-breakout-imminent-in-zec-coin-price/