Will Zcash (ZEC) Hit $100 to Turn Long-Term Bullish?
Zcash is a decentralized blockchain-based payment system that allows privacy. It allows payments without disclosing the parties and amounts involved in the transactions. It was launched in 2016 and has been popular because of its features and user-friendly dashboard. Moreover, it is open source, so it can be implemented in other options platforms.
Zcash has triggered a lot of controversies in the crypto world because of its open-source community and privacy-centric features. Many argue that all these privacy-centric cryptocurrencies will not be sustainable in the long run. The government will ban these cryptos because they are risky for the world economy.
ZEC was trading at $61, which is around the baseline of the Bollinger Bands. After a long downtrend, Zcash has been consolidating within a price range of $68 and $50 from last June, but it does not show any kind of momentum for the short term. Read our ZEC price prediction to know what you should do with your holdings!
Bollinger Bands lack volatility, and most technical indicators are neutral; RSI is around 45, so we do not think it is the ideal time to buy Zcash coin for the short term because it will consolidate within a range.
After hitting a high of around $350, Zcash has been in a continuous downtrend, but it has taken support at around $53. On the weekly chart, we can find another support of around $60, but most technical indicators are still bearish.
Candlesticks are forming in the lower range of the Bollinger Bands, and RSI is below 40, which does not indicate an ideal time for long-term investment. We think you should wait until ZEC crosses the crucial resistance level and then start your long-term investment in this token.
