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Price Analysis

Zcash (ZEC) Price Analysis: Though the Long Term Trend is Bullish, The Zcash is Facing a Price Correction

After the breakdown in the coin (as expected), the coin has gone down by a small amount. However, this slowdown in the coin won’t persist for long. There is a combination of factors that are affecting the crypto. But there is no need to be dis-hearted, as the developers of Zcash are working hard to set the course of action right again.

Zcash (ZEC) price Current Statistics:

  • Today, at UTC 09:37, on June 03, Zcash against USD was trading around $84.22 USD.
  • With an ROI of 98.03% in negative, the current market capitalization of the crypto is $565,246,992 USD.
  • Besides that, the total ZEC chips in circulation were 6,349,869.
  • ZEC was valued around 0.01000505 BTC per chip.

Zcash Price Chart:

Zcash Price Chart - June 3

Comparison:

On May 09, Zcash coin had traded at $57.41 USD, marking the lowest price in the last 2 months. However, 25-days hence, today, the altcoin is trading with a remarkable hike of 46.7%. As you can see in the shaded region of the chart, in a duration of 1 and a half months, between April 01 and May 13, the coin has declined by about $19. While it was blooming in the initial weeks of April, later half was not that kind for the crypto. It had seen a steady decline, forming almost a sine-like graph. But May 13 onwards, there is a bull run and coin is on a high fly. Although the coin is currently running down by 4.2%, the long term returns are expected to be good.

Zcash Price Prediction:

The focus of Zcash (ZEC) on privacy makes it a coin to be in demand. As per our analysis, if the market correction happens once again and with another bull run, Zcash will correct its course of action and expected to touch $100 mark by the EOY. For now, there is a resistance level at $90 for the coin, and the support level is at $80.

Conclusion:

The recent breaking of the currency and the earlier news of Zcash (ZEC) being delisted from the BitOmega filled the investors with a sense of panic. Looking at the current market sentiments, one should avoid short term trading. With that said, the long and medium terms are still bullish.

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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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