Zcash Price Analysis – ZEC/USD
Zcash is a cryptocurrency aimed at using cryptography to provide enhanced privacy for its users compared to other cryptocurrencies such as Bitcoin.
The 20th largest cryptocurrency – Zcash with its current market cap stands at the level of $316,349,335, 11:20 UTC on December 28 slashed in current value by 56.8% relative to the level of November 12 due to the strong bearish pressure world-wide were observed. However, the current value soared high by 16.8% relative to December 14.
Since both moving averages have significantly declined representing a negative sign. With this, the 20-day EMA shows that the bears have the upper hands as the ZEC remains in a bearish trend in its medium-term outlook until the next “uptrend” takes place. It seems that the balance is tilted in favor of sellers.
Let us not forget that the ZEC remained ‘uptrend’ in value from December 21 to December 25 as analyzed from the graph above. Those that long awaited to invest into this asset, may explore to trade and execute long position to the extent that the next ‘uptrend’ created and remained for some time.
Now let me walk you through certain milestone that this cryptocurrency attained in the recent past. The ZEC remained range bound from October 11 to November 07 this year, as the cryptocurrency rallied from a low of $108 to a high of $138 which is a 27.7 percent – an extraordinary return within 27 days.
Besides this, the ZEC stayed in the range of $114-$135 from October 11 to November 19 as we can quickly analyze from the graph above, and since then the bears broke it and fell like a stone till date.
If bulls succeed in rising and sustaining above the current resistance level of $58.17 (11:48 UTC) and create “uptrend” in value (i.e., traded above the EMA) the investors will start buying this currency more and more thereby increasing its value. However, based on the current trend, the next support level could be $60.