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- 1 ZEC price is consolidating; negative crossover coming soon.
- 2 ZEC-BTC correlation is increasing. The ZEC/BTC pair dropped 4.47% .
Zcash is a privacy-focused cryptocurrency which uses advanced cryptographic methods to shield the transaction of their users. They use zk-SNARK technology which allows node operators to verify the transaction without revealing any sensitive information. The Electronic coin company manages the development behind the Zcash. ZEC is popular among investors who do not want their transactions to be seen by others. However, the privacy feature has kept Zcash in the crosshairs of regulatory bodies mainly because of the potential for illicit activities. ZEC transactions can be sent in two ways, shielded and transparent. The transparent method works the same way as Bitcoin. The correlation coefficient of Zcash with Bitcoin is currently around 0.78. BTC is in an uptrend, hinting towards the fact ZEC could also see a recovery.
ZCASH has a market cap of $643,464,255 and is ranked 74th in the cryptoverse. The volume of the asset price has seen a drop of 18% in the intraday session. Volume to market cap ratio of the coin suggests a consolidated momentum.
ZEC Consolidation Continues
The weekly technical chart of Zcash suggests a consolidated trend in price. It is forming a weak upside trend line. ZEC is currently trading near the value of $39 with a gain of 0.98% intraday. The upside trend of the asset price could halt near $50. Meanwhile, the downside trend of ZEC could see a halt near $30.It is trading below the 100 DMA and above the 50 DMA. If the price of asset jumps below the 50 DMA then a strong bearish momentum can be seen.
The RSI for ZEC is near 56 – the overbought zone. A weak negative slope formed in the RSI pattern hinting toward downside momentum.
Conclusion
Zcash is presently consolidating. It may give a negative crossover and see a downside trend. Various analysts are expecting a reversal in trend in the future.
Technical Levels
Major Support:$30
Major Resistance:$50
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and 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.
