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- The January of 2023 has been a good month for the ZEC and has seen a rise to $45.
- Technical indicators of ZEC are favoring consolidation. It has seen a drop of 0.34% in the BTC pair.
ZEC, also known as Zcash, is a privacy-focused cryptocurrency that was created in 2016. It is built on a decentralized network, making it possible for users to transfer funds anonymously and securely. Unlike Bitcoin, which has a transparent ledger of all transactions, ZEC uses advanced encryption techniques to hide the identity of the sender, recipient, and the amount being sent. This makes ZEC particularly appealing to users who value privacy and security when making financial transactions online. ZEC operates on the Zerocash protocol, which is designed to provide stronger privacy guarantees than other cryptocurrencies. Transactions made with ZEC are verified by a network of nodes and miners, who work together to maintain the integrity of the network and secure the ledger. ZEC uses a proof-of-work consensus algorithm, similar to Bitcoin, which helps to secure the network and prevent malicious actors from attacking the network. Zcash disburses 20% of their mining revenue to fund their three projects.
ZCASH is currently ranked 60th in the cryptoverse and has a market cap of $730 Million. Volume to market cap ratio of the ZEC suggests a consolidated trend in price.
Are Bulls Of ZEC Ready For A Run?
The weekly technical chart of the ZEC suggests a weak upside move. On the daily chart it is trading near the value of $44 with a gain of 4%. It is currently consolidating in a narrow range and can see a breakout. The upside trend of the ZEC can see a halt near the value of $60.Meanwhile the support of the asset price can be seen near $35. ZEC is trading above the 50 and 100 Daily Moving Average. There can be a positive crossover which can push the price. It is currently acting as a support for the price. Various analysts are expecting a strong growth in the future.
Conclusion
Zcash is currently in a consolidated move with the rise in Bitcoin. ZEC price may see a strong upside move in the near future.
Technical Levels
Major Support: $35
Major Resistance: $60
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish 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.
