Zcash operates on an open-source platform that allows participants and enthusiasts to contribute to the network code, which would go through a voting process for implementation. The key advantage of this cryptocurrency is that it operates on higher privacy features. Instead of broadcasting transactions publicly across the network, they are encrypted and recorded on a public ledger without the trackable details such as sender or receiver name and payment wallets. It uses the Zk-snarks to implement anonymity over the transaction.
Zcash’s price history has been volatile, with prices reaching as high as $400 and slipping down to the lows of $30. As the token continues to gain traction amongst the crypto community, it has the probability to retest its previous highs.
Currently ranking 53rd based on its market capitalization of $732 million, Zcash enjoys 76% of the market liquidity of its total supply volume.
Zcash Struggles Below $48 Resistance
ZEC has shown tremendous potential to maintain an upwards movement from reaching its steepest low in 2022 of $33. There has been consistent buying activity for this level without any sign of weakness or profit booking. The outlook for Zcash thus projects as a highly positive token with an uptrending capability of 100% or above.
The price action in the short term has turned out to be positive, but after the dip. Compared to the previous peak of $55, Zcash is still trading at a discounted value. RSI and MACD indicators displayed a positive trend in continuation, but we also witnessed a major resistance at $48. The candlesticks have been developing large wicks at the top that confirm a drop in buying volumes.
Projected price movement is highly steep and negative, but at the same time, candlesticks are witnessing supporting buying. The MACD indicator has gradually reached a point of bearish crossover. The fight between buyers and sellers is far from over, and based on crypto movements becoming positive in the last couple of weeks, the turnaround for Zcash came above $50.
100 EMA has been a clear indicator of price action being negative for a long duration. Even with the current price movements, there carries a high probability of the token witnessing resistance at the top. The price outlook on weekly charts closely resembles the daily charts as resistance for immediate movement remains active at $48.
