Technical Analysis of 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. 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. 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 aboveĀ  $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: The cryptocurrency market has posted a minor recovery at the beginning of the 2019 year but the negative trend is still strong. 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 ongoing collaboration between Ethereum and Zcash could be very positive for the future of this cryptocurrency and this cryptocurrency might still be undervalued despite all the problems. 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.

 

About Stanko 84 Articles
I am a professional forex, cryptocurrency and stock trader looking for more opportunities to penetrate the field. Writing, research, analysis, are all things I enjoy doing aside from the core trading practice as they provide a deeper perspective of market activity. I am well versed in technical analysis as well as sentiment behavior. I have 10 years experience in stock and currency markets ( analysis and trading), I am also an experienced cryptocurrency analyst. I have been writing business, finance, stock articles for over five years. My biggest strength is in technical analysis

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