Zcash Shows No Positive Indications; Should You Still Hold ZEC?

Zcash is a decentralized open-source cryptocurrency that offers privacy and selective transparency of transactions. It was developed on the findings and observations of peer-reviewed cryptographic research that was further secured on an open-source Bitcoin code.

Zcash differs from Bitcoin in the ability to shield transactions from the public blockchain. At present, Zcash offers four different types of transactions, a fully private to the private transaction, shielding a private transaction to a public address, shielding a public address to a private address, or the typical public to a public transaction.

Zcash hasn’t enabled the optional private send feature and counts on a Zero-proof construction known as zk-SNARK created by a team of experienced cryptographers. Zcash is working on the largest upgrade since 2020 that should be ready by the end of 2022. This showcases the futuristic vision of its developer team.

Zcash can be found on numerous upstanding exchanges such as Coinbase, Binance, Kraken, Gemini, and other decentralized exchanges. The similarity between BTC and ZEC was kept to the extent of maintaining similar circulation volumes of 21,000,000 tokens. With the latest value of $55, ZEC has a market capitalization of $770,351,769 despite a huge decline from its 2018 peak and its 2021 peak.

A promising cryptocurrency, Zcash has slipped significantly in the last three months. Does this indicate a fundamental weakness in this cryptocurrency? With indicators showcasing a broader negative effect and lack of buying strength, it is important to focus on the key levels and ascertain the possible price momentum in the coming days. Click here to know about the key levels and future price action of ZEC.

ZEC Price Analysis

The ZEC price action shows a huge decline from April 2022 without attempts to regain previous highs. The bounce back from Feb 2022 lows to April 2022 peaks was not as profitable as the loss was during the fall. After losing to the resistance at $210, ZEC fell to $50, consistently touching fresh low levels.

The declining market trend is similar to the price action of Bitcoin, which is facing stiff consolidation near the $20,000 mark. The technicals are negative, and one shouldn’t try to hold a falling knife. Even RSI shows an oversold market position, while MACD showcases a bearish crossover without significant volatility.

For any positive sentiment, the ZEC price must remain above the $100 mark and showcase consolidation with indicators such as RSI and MACD showing a bullish trend.

Source: https://www.cryptonewsz.com/zcash-shows-no-positive-indications-should-you-still-hold-zec/