Zcash Price Analysis: Market Sentiment is Bearish, Though, The Long Term of the Zcash (ZEC) is Still Bullish

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The latest upgrade, i.e., v 0.7.1 of ZEC Wallet is now equipped with a feature called “fast sync”. This mode will allow a faster downloading for the initial blockchain. Fast sync is now also enabled by default in the new wallet and syncs the Zcash blockchain. According to the Zcash Team, the feature will enhance the speed by up to 33%. Additionally, the foundation has given a sneak peek of the experimental Rustlang version of the Iden3 ZK-Snark compiler. It can be used now to generate proofs and smart contracts. Although a lot of work is needed to be done, it is like a small step toward the beta version.

Current Statistics of ZEC Coin:

Zcash Price Chart - July 2

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Today, on July 02, at UTC 11:44, the value of Zcash to USD was trading around $99.10 with a Return on Investment of -97.77%. At the same time, the Market Capitalization of the ZEC coin was 657,560,148 USD. Besides, the total chips in circulation were 6,880,856 ZEC. Against Bitcoin, the altcoin was valued around 0.00984907 BTC. When it comes to the last 24-hr trading volume in the crypto, it was around 445,567,486 USD.

Zcash Price Comparison:

If one looks at the monthly change in the value of the altcoin, on July 06, it was trading at $84.45. However, today after 25-days, Zcash (ZEC) is trading with a dip of 17.35%. But a week of trading conveys a contrary story. On June 26, a week back, the digital coin was valued around 120.10 USD, but today after 7-days, it has gone down by a huge margin of 17.48%. Nevertheless, yesterday was a bit of relieve for the crypto as it opened at $102.62 and with a slight strengthening of 0.91%, wrapped the day up around 103.56 USD.

Zcash Price Prediction:

As per our prediction, Zcash will trade around $150 by the end of 2019. However, for now, the coin needs to overcome the bearish market trend. But there is no need to be panicked as most of the altcoins are going down and it is a bearish market. As of now, there is a support level for the coin at $97.96. At the same time, the immediate resistance is at $108.02.

Conclusion:

Amidst the recent turn of event, one thing is clear is the volatile nature of the crypto space. Just a few days back, Zcash (ZEC) was trading above 120 USD, and in less than a week duration, it came down back in the 2-digit mark. However, one must remember that Zcash is stable crypto with a strong fundamental and will soon bounce back in the green zone. The latest update will also help the coin in gaining market consolidation.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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