Zcash gained prominence out of its features that defeated the anonymous promises of major cryptocurrencies. The ZEC token didn’t reveal its users’ identities or the amount being processed. However, there is an option for relieving this autonomous data to authorities for auditing or meeting regulatory compliance, which would otherwise be aptly available to others.
Zcash secures its 54th position despite being beaten in market performance and active users. Some exchanges even banned the trade or listing of Zcash from meeting the crypto regulations resulting in holders losing faith in the viability of ZEC tokens considering the regulations. The transaction details are registered on its ledger and can only be accessed by the authorities.
Some cryptocurrency users still consider Zcash to be a revolutionary product that has more to offer than what meets the eyes. The applications of its Zero-Knowledge Proof protocol in encrypted communications and transaction validation still surpass the possible negative use of this cryptocurrency.
Zcash price action has showcased a breakdown from the previous positive biased consolidation zone. The price action and moving average resistances of ZEC joined forces to create more trouble for the uptrend expectations of buyers. The outlook has moved towards negativity, and support of $51 has become the next target for sellers. Know more about the future price projections of ZEC here!
The current price action of ZEC is dangling close to its long-term support level of $51, which has helped a positive breakout. Hence the outlook for this token remains negative. The inability to enter the previous consolidation zone with support at $58 and resistance at $68 remains out of bounds for Zcash (ZEC).
From a technical indicator perspective, MACD has marked the beginning of a positive swing, with RSI slowly moving closer to the midway mark of $50. In case Zcash manages to breach the minor inconvenience created at $58, we can expect a positive return in the short term. Since hitting the lows of $48 in July 2022, the positive return for ZEC was constrained significantly despite the cryptocurrencies rallying in August 2022.
On weekly charts, the engulfing candle of the second week of September has created immense selling pressure that even two positive closing candles wouldn’t be able to overcome. Before the 2022 crash, ZEC values of $100 were a support level, which has been reduced by 50%. Hence the year-on-year outlook for Zcash remains in the dark, with very little possibility of a breakout.