spot_img
spot_img
spot_img
ThecoinrepublicCryptoZcash Price Prediction: Will ZEC Price See...
google-news-img

Trending

Hamster

Hamster

notco

Notcoin

mogutou

Mogutou

Premium Partners

immerion
spot_img

Zcash Price Prediction: Will ZEC Price See A 2X Rise In 2023, Analyst Speculates?

spot_img
  • 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 contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

    Our Newsletter

    Subscribe to our newsletter to get the latest news and promotions.

    Nancy J. Allen
    Nancy J. Allen
    Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and a minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
    spot_img
    spot_img

    Related News

    Worldcoin
    Kelvin Munene

    Worldcoin Token Climbs Over 22% After Lockup Extension to 5 Years

    SkyBridge Crypto
    Maxwell Mutuma
    Crypto
    Kelvin Munene
    Hong Kong Crypto Exchange
    Maxwell Mutuma

    Hong Kong Identifies 7 Crypto Exchanges as Unlicensed

    Lazarus Group Crypto
    Maxwell Mutuma

    Lazarus Group Tied to $35M Laundering in Cambodia: Report

    Trump Elon Musk Crypto
    Kelvin Munene
    spot_img