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Zcash is a decentralized cryptocurrency focused on privacy and anonymity. It uses the zk-SNARK zero-knowledge proof technology that allows nodes on the network to verify transactions without revealing any sensitive information about those transactions. Let us see how ZEC technical analysis will move.
The last month has witnessed extreme volatility in the ZEC price chart. It hit a high of $217.99 in the last 30 days, while it also hit a low of $143.73 in the same period. Several sudden peaks and valleys were seen throughout the month.
The ZEC coin opened at $201.65 on November 13, 2021. After a change of -21.18% in just one week, it closed on November 19, 20121 at $158.94.
ZEC Technical Analysis
Looking at the chart, we can see that the price is surging very high today. Currently, at $185.8, it is trading 17% above the previous day’s close. This is similar to the price charts movements in the last 30 days. Let us look at what the oscillators have to show us.
The On Balance Volume indicator shows buying volumes are much higher than the selling volumes in the last two days. This is putting pressure on the price to move upwards.
The RSI has just crossed the equilibrium and is currently at 55.64%. Looking at the trend in the RSI graph, it can be said that the bulls are gaining power.
In the MACD graph, we can see that the fast line is reversing its direction, which is again a positive signal.
Today, the Electric Coin Company (ECC), which invented Zcash ($ZEC), a privacy coin, has announced that it will be releasing an ECC wallet. It will also improve the interoperability of the Zcash protocol and further move its consensus model toward proof-of-stake (PoS). This can be the reason for the ZEC coin surging high.
Day-Ahead and Tomorrow
ZCash has given more than 17.9% return in the last 24 hours. From the huge daily trading volumes being recorded across cryptocurrency exchanges, ZEC shows no signs of slowing down in the short or long term. The ZCash Foundation has fostered amazing partnerships, and the protocol has several unique features that have set it on a potential growth pattern.
FIB numbers show that the price has crossed three successive Fib levels today only. These levels were $158.91, $171.94, and $181.1.
Thus, the indicators are giving positive signals. The traders may consider taking a long position while keeping a target at $200. They should also keep a stop-loss at $175.