Zcash

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Zcash (ZEC), a privacy-centered altcoin has surged over 30% in the past 24-hours, rising from a daily low of $154 to $188. The sudden spike in price in the altcoin at a time when the majority of the market is still recovering from last week’s correction is being attributed to the major mining consensus upgrade and to some extent Barry Silbert, the CEO of the Digital Currency Group which is the parent company of world’s largest digital asset manager Grayscale.
Source: TradingView
Electric Coin Company, the development company behind Zcash released a new roadmap yesterday with a plan to focus on developing a native wallet, integrating interoperability features, and moving from a Proof-of-Work (PoW) to Proof-Of-Stake (PoS). While PoW is considered highly secure and decentralized in comparison to PoS, the recent controversy and focus around the energy consumption by the Bitcoin network has made several blockchains move towards the PoS.

While PoS claims to help with scalability and energy consumption, Bitcoin proponents believe only PoW fulfil the true sense of decentralization. Thus, the announcement caused a huge uproar on social media. Silbert only added fuel to fire by comparing it with the likes of Bitcoin given ZEC also has a limited supply of 21 million tokens.

$BTC max supply: 21 million$ZEC max supply: 21 million$ZEN max supply: 21 million
— Barry Silbert (@BarrySilbert) November 20, 2021

Silbert went on to add a follow-up tweet reflecting upon the negative comments that his last tweet got, and said since people are hating on ZEC so much, he will buy some more.

Wow, you all hate $ZEC. I’m going to buy more
— Barry Silbert (@BarrySilbert) November 20, 2021

Can Major Upgrades on ZEC Help it Climb Out of Price Slumber?
ZEC might have spiked sharply in the wake of the new development roadmap, but it is still very far from its all-time-high above $5,000. The privacy coin is currently trading at $178.94 and hasn’t crossed the $1,000 mark in five years. While the majority of the cryptocurrencies have set new ATHs breaking the 2017 bull run high, ZEC seems to be in a long price slumber.
The move to PoS has helped Ethereum to rise to new highs, and ZEC proponents believe the major upgrade plan for the upcoming three years would help the privacy coin further.
The post Here’s Why Zcash (ZEC) Has Surged Over 30% in the Past 24 hours appeared first on Coingape.


Zcash (ZEC), a privacy-centered altcoin has surged over 30% in the past 24-hours, rising from a daily low of $154 to $188. The sudden spike in price in the altcoin at a time when the majority of the market is still recovering from last week&#8217;s correction is being attributed to the major mini...

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Here’s Why Zcash (ZEC) Has Surged Over 30% in the Past 24 hours

From a technical perspective, the ZEC/USD chart indicates a positive outlook for this coin, as the price has managed to reclaim an important resistance zone at the $180 mark, suggesting high potential for ZEC coin price.
Key technical points to consider:

The 20 EMA line is providing strong support to the ZEC price
The ZEC coins daily RSI chart displays a bearish divergence 
The intraday trading volume in the ZEC coin is $864.3 Million, indicating an 18% hike


Source- ZEC/USD chart by Tradingview
Since the sudden fall on May ‘21 in the crypto market, the ZEC coin price had never passed the $180 mark. The coin price tested this resistance level multiple times only to face strong rejection from it. 
However, on November 9th, the ZEC price finally provided a proper breakout from this level with a solid green candle and sufficient support from the volume activity, offering the crypto traders an excellent long opportunity in this coin.
The crucial EMAs(20, 50, 100, and 200) indicate a strong uptrend, where the coin price is trading above these EMA lines. Moreover, the 20 EMA line acts as dynamic support for ZEC price. 
The Relative Strength Index(RSI) value is 67, indicating a bullish sentiment for the coin. However, the RSI also shows a bearish divergence, suggesting some weakness in this rally.
ZEC/USD Chart In The 4-hour Time Frame

Source- ZEC/USD chart by Tradingview
The ZEC coin in this lower time frame chart displays a clear retest phase of the $180 level. The chart also shows a strong follow-up candle for the confirmation of a new rally. This coin is currently trading at $207.18, with an intraday gain of 15.24%.
However, the bearish divergence of the daily chart adds a slight concern for this coin, and therefore, the crypto trader should proper risk management and maintain a bullish sentiment for this coin at least till its sustains above the $180 mark.
 
The post Zcash Price Analysis: The ZEC Coin Price Finally Breaks Free From This Crucial Resistance appeared first on Coingape.


From a technical perspective, the ZEC/USD chart indicates a positive outlook for this coin, as the price has managed to reclaim an important resistance zone at the $180 mark, suggesting high potential for ZEC coin price. Key technical points to consider: The 20 EMA line is providing strong suppor...

Zcash price	$230.82
Low - High 24H	$230.66 - $254.40
Market cap	$2.74B
Volume 24H	$534.03M
All time high	$3,191.93 -92.75% October 29th 2016
All time low	$19.75 1071.62% March 13th 2020
Genesis date	N/A

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