Zcash is a decentralized and open-source cryptocurrency that offers privacy and selective transparency of transactions. Zcash payments are published on a public blockchain, but the sender, receiver and amount of a transaction remain private. Zcash is based on peer-reviewed cryptographic research and was built by a security-specialized engineering team on an open-source platform based on Bitcoin Core's battle-tested codebase. Our improvement over Bitcoin is the addition of privacy. Zcash uses advanced encryption techniques called zero-knowledge proofs to guarantee the validity of transactions without revealing additional information about them.
ZEC, which has been trading in an uptrend for a long time and has touched the lower line of this trend more than once, has fallen below this trend after the decline that occurred last month. When an uptrend is drawn from the beginning of the old trend towards the region where it reacts, it seems to make a new formation. If the possible scenario is realized, the formation of this trend can be considered as partially realized.
If we talk about a more positive scenario, it can move up from the bottom line of its old trend again and enter its old region. This means that the upward trend will continue. However, this scenario seems very unlikely, as it has almost made contact with this trend.
If support and resistance levels are drawn, unlike the trend, $134, which is a level that overlaps with the upper line of the trend it is trying to create, looks quite strong. It can be difficult to break this zone. If it does, it seems likely to reach $175. This level also coincides with the target point indicated by the green arrow. If it breaks this level, there is a large area to rise 75 percent in front of it.
If the bears continue to gain strength, the support at $100 will be easily broken and it could drop to one of the major supports, at $81. In the possible bear season, a drop to $51 may be inevitable.
ZEC Price and Market Data
Zcash price is hovering around $114 at the time of writing. ZEC 24-hour trading volume is $212,900,965. ZEC price is down -5.6% in the last 24 hours. While there is a supply of 12 Million ZEC coins in circulation, there is a total supply of 21 Million coins. Binance is currently the most active market where this is traded.