Zcash (ZEC) Price Analysis : Can the buyers push upraise ZEC above its current resistance level?
ZEC was launched in 2016 by Zooko Wilcox-O’Hearn. It is based on the Zerocoin protocol. Like Bitcoin, it is also a decentralized and open source cryptocurrency that assures complete privacy to its users during transactions. Zcash or ZEC transactions can either be transparent or shielded via a zero-knowledge proof, known as zk-SNARKs. Due to this, the network of ZEC maintains the security and privacy of the transaction parties without disclosing their information.
Current status of ZEC
ZEC is currently getting traded at USD 50.54 (UTC time 07:59). It is currently holding the 20th position among the cryptocurrencies. It’s market cap value is worth USD 304,987,926 at present. At present, 6,034,344 ZEC are in circulation. Compared to its yesterday’s price, the value of ZEC has been increased by 2.16%. It is currently following a bullish trend line.
Price analysis of ZEC on the basis of Zcash charts
On the basis of the above chart, it is seen that at present ZEC is getting traded at 50.34 USD or 0.01300650 BTC (UTC time 08:03). Its present market cap has a trading value of 303,738,149 USD. Its current 24h volume is worth of 183,506,442 USD. The same chart shows that one month back, ZEC was valued at 50.05 USD. So, within this month, the value of ZEC has been increased by 0.57%. Its earlier price point of 49.55 USD has provided an adequate support level to this bullish trend.
Future price analysis of ZEC
According to the crypto analysts, there is a possibility of ZEC to increase its value by the end of this year. It is predicted that by the end of 2019, the price of ZEC can increase by 531.34%. And as per ZEC Predictions, on a long-term basis, the price of ZEC is expected to hike up by 2355.40%.
The developers of ZEC has partnered with the financial giant JP Morgan. It has excellent applications, but it faces problems regarding scalability. Zcash has globally recognized for the apt security and privacy that it provides to its users. It has a good number of users, and with the ongoing developments, it is expected that soon, ZEC will solve its scalability issues and can have a number of users in the upcoming days. With more inclusion of giant investors in its community, ZEC can increase its value significantly in the future.
Conclusion
ZEC has been attaining recognition gradually. Due to its increased privacy level, it can have a number of users in the future. Moreover, its price ranges are expected to be on the higher side so, long term investment on this crypto can be a good idea.
