Saturday, December 4

Zcash Analysis and Forecast: ZEC Price Takes Advantage of Bullish Market Sentiment

Despite the fact that ZEC is one of those old cryptocurrencies that have lost relevance as new projects absorb attention, it still remains a relevant member of the ecosystem, and a leader in its segment. For this reason it is worth doing a Zcash analysis and forecast today, looking for where the price is likely to move.

At the time of writing, ZEC is trading at $ 137.09, accumulating a slight gain of 0.15% in today’s session.

With a market capitalization of $ 1,779 million, it is ranked 67th in the Crypto Online ranking.

To get into topic, this is a cryptocurrency specially designed to maximize the privacy of transactions. Its popularity has decreased a lot in recent years, however it is still considered one of the best networks to carry out anonymous transactions at a very low cost.

It is worth noting that Zcash is not the main leader in the privacy segment. Monero currently occupies that place, thanks to its capitalization of $ 4.66 billion.

How is this network currently?

The amount of daily transactions has decreased a lot on this network in recent years, however, it has managed to maintain a range of around 5,000 daily transactions. The figure yesterday was 6,970 transactions and the trend is upward.

Although we may think that the development of this blockchain has been abandoned (due to the decrease in its popularity), the reality is that it has not.

In fact, the network is about to launch the Halo 2 protocol, which has piqued the interest of Ethereum and Filecoin developers.

This protocol will be implemented in January 2022, with which a series of products will be included, where the most relevant is the possibility that users can be sure that their operations will be even more private.

Halo 2 is software that operates without the confidence of zero-knowledge testing, eliminating the need for a reliable configuration (one of the main criticisms of privacy on this network).

To achieve this, the protocol implements a set of initial parameters, which will then be destroyed to prevent them from being used to spoof operations.

Zcash analysis and forecast

To begin, let’s review the monthly ZEC vs USD chart. From here we observe a clear succession of increasingly higher lows and highs, speaking of an upward trend in the medium term.

Currently a higher low is being manufactured, and it is possible that it is about to give way to a new bullish moment quite relevant. If so, the price could go as low as $ 298.12.

To think about sales, the support at $ 105 must be crossed, although this could simply be to extend the corrective process and later open the way to momentum.

Zcash analysis and forecast.  Chart Source: TradingView.
Zcash analysis and forecast. Chart source: TradingView.

ZEC weekly chart

From this time frame we can do a more short-term Zcash analysis. Here we see how the price has been accumulating some good gains in recent weeks, after a major downward correction.

If we look a little to the left we notice the continued weakness of the bears to mark lower lows. Now, with the newly created support at $ 110, it is very likely that the bulls are developing momentum that needs to extend quite a bit further.

The next short-term target is at $ 176. It does not seem difficult at all to reach the next resistance, located at $ 298.12.

ZEC vs USD weekly daily chart.  Source: TradingView.
ZEC vs USD weekly daily chart. Source: TradingView.

All our publications are informative in nature, so in no case should they be followed as investment advice.