Technical Analysis of Zcash

The cryptocurrency market has stabilized this Saturday and it is very important that the price of Bitcoin is above $7 000. Zcash was one of the best performers on the cryptocurrency market in the last several days, in less than five days the price of Zcash has advanced from $60 above $80 and the current price stands around $72. 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: There is a correlation between the price movements of Bitcoin and other cryptocurrencies and the positive thing for the cryptocurrency market is that the price of Bitcoin has stabilized above $7 000. 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. 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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