Zcash (ZEC) Registers Another Breakout!

Zcash’s price movement has remained under constant upside movement with an increase in its transaction volumes. After facing stiff resistance followed by profit booking at the 200 DMA curve, Zcash fell because of consistent profit booking. With long-term resistance now placed at $150 and Zcash getting higher buying action near $85. The value between these two prices becomes a heightened level for upside movement. With the increase in transaction volumes, Zcash has hit a double-digit upside movement from yesterday, which could finally provide it enough strength to breach the long term resistance of $150. 

Zcash is the 52nd cryptocurrency in terms of market capitalization and has moved an almost 20% hike over the last 24 hours. With only 66% of its coins available in liquidity, there remains a much higher potential for Zcash to achieve in the near term. The primary advantage offered by Zcash is its optional anonymity that allows for a much higher level of privacy not available with market-leading cryptocurrencies of BTC and ETH. It also offers shielded ZEC transactions, that leverage the power of zero-knowledge succinct non-interactive arguments, ZK-SNARKS. This technology allows anonymous transactions to be processed over a public blockchain ledger. 

This technical superiority over leading cryptocurrencies has helped ZCash become a powerful option offering decentralized services along with permissionless and anonymous digital transactions. Zcash cryptocurrency has finally retracted and converged to a point of breakout with increased volumetric action seen since mid-February. The movement of price from a higher low and facing rejection at the top indicates a possible upside movement. Zcash Price ChartThere has been an increased buying action with Zcash dipping below $100 in the short-term price. While this price movement remained the only positive element in Zcash price movement, price prediction was complicated. But with the strength shown in buying movement and RSI hitting above the previous levels in February, we can expect it to move upwards fairly rapidly. $145 will be the challenge in breaching the $150 levels, which can only be supported with increased buying action. ZCash hence became a cryptocurrency with a positive outlook in the immediate term. So for most traders, the question is whether it is the right time to invest in Zcash? Click here to know more about the fundamentals and possible price levels in the upcoming years.Zcash ChartZcash has been on a positive outlook despite its consistent rejection at higher levels of $250. Despite such a stance, it appears fairly strong because of its increasing acceptance visible through the transaction volumes. But with the increase in volumes, the buying strength isn’t that high, which indicates a potential for Zcash to become overbought in the long term.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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