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- Dubai has forbidden the use of privacy coins like Zcash for operations in their country
- Technical indicators of ZEC are favoring a downside trend in price.It has seen a loss of 6% in the intraday session
Zcash is a decentralized, privacy-focused cryptocurrency that was launched in 2016. It is based on the Bitcoin codebase, but has added privacy features that allow users to shield their transactions and hide their wallet balances. Zcash uses a unique form of cryptography called zk-SNARKs, which allows transactions to be verified without revealing any information about the sender, receiver, or transaction amount. It was created with the goal of providing users with a high degree of privacy and anonymity in their transactions. Unlike Bitcoin and many other cryptocurrencies, where all transactions are publicly visible on the blockchain, Zcash allows users to choose whether or not to disclose their transaction details. Zcash has faced many backlashes across the world including other privacy coins. Recently Dubai has banned privacy coins operations including ZEC.
Zcash is currently ranked 69th in the cryptoverse and has a market cap of over $700 Million. Volume of ZEC in the DEX is $6611 while CEX has been seeing a large volume. Volume to the market cap ratio of the ZEC suggests a consolidated trend in price.
Bears Are Pushing ZEC Down
The weekly technical chart of the Zcash suggests a weak momentum in price. It has formed a strong bearish candle which can push the asset price to a new low. On the daily chart it is trading near the value of $48 and has seen a fall of 6% in the intraday session. ZEC is currently trading above the 50 and 100 Daily Moving Average.Meanwhile 50 DMA can act as support for the downside trend. Resistance of the Zcash can be seen near $60.Meanwhile a bounceback in the asset price can be seen near $30.
RSI of the ZEC is currently near 51 suggesting its presence in the neutral zone. There is a negative slope in the RSI suggesting a downside trend in price.
Conclusion
Zcash has failed to regain its momentum above the $50 despite the gain in the crypto market. ZEC is currently in a downside move but can move to a new high in the near future.
Technical Levels
Major Support:$30
Major Resistance:$60
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
