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- Zcash has recently improved their wallet security which has boosted the price a little
- Technical indicators of Zcash are favoring a consolidated trend.It has seen a gain of 4.2% in intraday session
Zcash has gained popularity among the investors due their unique approach for privacy and security. Zcash privacy features are of the next level which uses advanced cryptographic techniques to shield their transactions. ZEC uses zero-knowledge proofs, which allow users to prove that a transaction has taken place without revealing any details about the parties involved or the amount transferred. This helps users to make anonymous transactions which helps to keep the privacy.
In addition to its privacy features, Zcash also offers a number of other advantages over other cryptocurrencies. For example, it has lower transaction fees than many other cryptocurrencies, which can be a major benefit for those who make frequent transactions. It also has a faster block time than Bitcoin, which means that transactions are processed more quickly. ZEC has seen a fall of 99% from its all time high and has a negative ROI.
ZEC has a market cap of $592 Million and is ranked 74th in the cryptoverse.Volume of the ZEC has seen a surge of 98% in the intraday session
ZEC Consolidation Continues
Zcash has been in a consolidated move for a long time.The weekly technical chart of ZEC suggests a downside trend in price.On the daily chart it is trading near the value of $36 with a slight gain in the intraday session. ZEC is currently moving in an upside consolidation trend but can see a breakout in the future.The upside trend of Zcash can be seen near the value of $50.Meanwhile the support of the asset price can be seen near $25.It is trading below the 50 and 100 Daily Moving Average.There is a bearish crossover in the DMA which can push the asset price to a new low.Various analysts are expecting a strong upside trend in future.
MACD of the ZEC are favoring a weak upside trend in price. Histogram of MACD are also favoring an upside trend.
Conclusion
Zcash has improved their wallet security which has pushed the price momentarily. ZEC has been consolidating in the daily chart for a long time but can see a push in the future.
Technical Levels
Major Support: $25
Major Resistance: $50
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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.
