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- The ban of Tornado cash has put privacy coin users like Zcash in a frenzy. Zec is currently near the value of $78.388 with a loss of 0.6% in the intraday session.
- Technical indicators of Zcash are favoring the consolidated trend. Meanwhile, ZEC/BTC pair has seen a loss of more than 3.35% in the intraday session.
The Office of Foreign Assets Control (OFAC), a Treasury Dept. agency, called Tornado Cash “a significant threat to the national security” of the United States. It has been used repeatedly by North Korean hackers to launder money from multiple million-dollar thefts. This has seen a significant backlash from the crypt community. This has put the various privacy projects under the radar including ZEC.
ZEC is currently ranked 49th with a market cap of $1,177,381,349. The trading volume of ZEC has seen a fall of 16% in their intraday session. ZEC/BTC pair has seen a fall of 6% in the intraday session.
Are Technical Indicators In Favor Of ZEC?
The weekly technical chart of the Zcash hints toward consolidation in the price for the future. On coming to the daily chart, the asset price is currently looking for a breakout to a new high. It is currently below the 100 and 200 Daily Moving Average. The asset price can see a strong rally once it crosses above the 100 or 200 DMA. It is below the Fibonacci level of 0.786fib. If the asset price sees a breakout above the Fibonacci level then a strong momentum can be observed. While moving upwards the asset price can see a threshold near the value of $100. Meanwhile, in the downside direction, the asset can see a bounce back near $55.
RSI: RSI of the Zcash is near 64 suggesting its presence in the oversold zone. There is a negative slope which suggests a downside moment. The overall sentiment of the RSI is neutral.
Conclusion
ZEC is currently seeing a consolidation after seeing an uptrend. If the asset price sees a rally above $100 then a strong momentum can be seen. One should do their due diligence before investing.
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
