Technical Analysis of Zcash

Zcash is a cryptocurrency with a strong emphasis on privacy and identity protection. Zcash maintains the features of a public blockchain while enabling completely anonymous transactions. Zcash is different from Bitcoin because Zcash only shows that a transaction occurred while the Bitcoin blockchain keeps a record of every transaction. This cryptocurrency can also be used as payment and the positive thing is that lots of partners are already supporting the Zcash. In my opinion, this is a highly speculative cryptocurrency and still very risky but lots of analysts agree that Zcash (ZEC) is currently at a point where it has the potential to make very big gains. When we look at the 1-year chart we can see that ZEC is moving in “downtrend”. As long ZEC is below $200 this cryptocurrency is in the “SELL” zone. Short term support and resistance levels are $50 and $100 – If the ZEC jumps above $100 that would be a “BUY” signal and the open way to $130 or even $150. If the ZEC jumps above  $200 that could be a strong signal of the trend reversal and the open way to $250. On the other side, if the ZEC falls below $50 that will be a strong signal “SELL” signal and the next target could be around $40.

Advice: In my opinion, this is a highly speculative cryptocurrency and still very risky, I would invest only a small sum of money in this cryptocurrency. The price of Zcash is close to the strong support level which stands at $50 but we can not say for sure that this is a bottom. The cryptocurrency market is still under the pressure and for now, there is no important reason to change this negative trend. As for the technical picture, the ZEC remains in bearish phase but if the price advances above $100 next targets could be located around $130 and $150. On the other side, if the ZEC falls below $50 that will be a strong signal “SELL” signal and the next target could be around $40.
 

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