Home
News
- Zcash has been in a downside trend for a long time and may see a reversal in future
- Technical indicators of Zcash suggests a downside momentum in price. ZEC/BTC pair has seen a loss of 0.92%
Zcash is a cryptocurrency that was created in 2016 with the goal of providing users with a high level of privacy and anonymity. It is based on the same technology as Bitcoin, but with some key differences.The main differences between Zcash and Bitcoin is that Zcash uses a technology called zero-knowledge proofs which uses private transactions. This means that when a user sends a transaction using Zcash, the recipient and the amount of the transaction are hidden from the public ledger. This makes it difficult for outsiders to track the movement of funds and can provide an extra level of security for users.Another difference between Zcash and Bitcoin is that Zcash uses a different mining algorithm called Equihash, which is designed to be more resistant to specialized mining hardware. This means that individuals with regular computers can still participate in the mining process and earn rewards for contributing to the network.
Zcash is currently ranked 54th in the cryptoverse and has a strong market dominance. Volume of the asset price has observed an increase of 19%. Volume to market cap ratio of Zcash suggests a consolidated trend in price.
Bulls Are Not Pushing The ZEC Price Up
Zcash has been in a downside trend for the past few months. The weekly technical chart of the Zcash suggests a consolidated trend in price. On coming to the daily chart the asset price is trading near $37.83 with a loss of more than 1.3%. Resistance of Zcash on the upside trend can be seen near $50. Meanwhile the support of the asset price can be seen near $25. It is currently trading below the 50 and 100 Daily Moving Average. There can be a negative crossover which can push the asset price to a new low.
Conclusion
Zcash has been adversely affected by the downside of crypto market. ZEC is currently in a consolidated trend and can soon see a new high in future.
Technical Levels
Major Support:$25
Major Resistance:$50
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
