Zcash is a decentralized open-source cryptocurrency that offers privacy and selective transaction transparency. It was developed on the findings and observations of peer-reviewed cryptographic research which was then secured on open source Bitcoin code.
Zcash differs from Bitcoin in its ability to protect public blockchain transactions. Currently, Zcash offers four different transaction types, a fully private to private transaction, shielding a private transaction to a public address, shielding a public address to a private address, or the typical public transaction to a public transaction.
Zcash has not enabled the optional private send feature and relies on a zero-proof construction known as zk-SNARK created by a team of experienced cryptographers. Zcash is working on the biggest update since 2020 which should be ready by the end of 2022. This showcases the futuristic vision of its developer team.
Zcash can be found on many honest exchanges such as Coinbase, Binance, Kraken, Gemini, and other decentralized exchanges. The similarity between BTC and ZEC has been maintained to the point of maintaining similar circulation volumes of 21,000,000 tokens. With the latest value of $55, ZEC has a market capitalization of $770,351,769 despite a huge decline from its 2018 high and its 2021 high.
An up-and-coming cryptocurrency, Zcash has fallen significantly over the past three months. Does this indicate a fundamental weakness of this cryptocurrency? With indicators showing a broader negative effect and a lack of buying strength, it is important to focus on key levels and determine possible price momentum in the coming days. Click here for key levels and future ZEC price action.
ZEC price action is showing a huge decline from April 2022 with no attempts to regain previous highs. The rebound from February 2022 lows to April 2022 highs was not as profitable as the loss was in the fall. After losing against the resistance at $210, ZEC fell to $50, constantly touching new lows.
The market’s downtrend is similar to Bitcoin’s price action, which is facing strong consolidation near the $20,000 mark. The techniques are negative and one should not try to hold a falling knife. Even RSI shows an oversold market position, while MACD shows a bearish cross without significant volatility.
For any positive sentiment, the ZEC price must remain above the $100 mark and exhibit consolidation with indicators such as RSI and MACD showing an uptrend.