Zcash gained attention due to its ability to break the promise of anonymity of major cryptocurrencies: ZEC tokens did not reveal the identities of users or transaction amounts. However, you have the option to release this autonomous data to authorities for audits or to meet regulatory compliance.
Zcash maintains its 54th spot despite losing out in market performance and active users. Some exchanges have banned the trading or listing of Zcash from complying with cryptocurrency regulations, eroding the holder’s confidence in the viability of his ZEC token given the regulations. Transaction details are registered in a ledger and are accessible only to authorities.
Some cryptocurrency users see Zcash as a revolutionary product that offers more than meets the eye. The application of zero-knowledge proof protocols in encrypted communication and transaction verification still outweighs the potential negative uses of this cryptocurrency.
Zcash price action shows a breakdown from the previous positively biased consolidation zone. The combination of ZEC price action and moving average resistance has caused more trouble for buyers’ uptrend expectations. The outlook has turned negative and the $51 support is the next target for sellers. learn more Click here for ZEC’s future price forecast!
ZEC’s current price action is close to the long-term support level at $51, contributing to the positive breakout. Therefore, the outlook for this token remains negative. The failure to enter the previous consolidation zone at $58 support and $68 resistance remains out of bounds for Zcash (ZEC).
From a technical indicators perspective, the MACD is showing the beginning of a positive swing and the RSI is slowly approaching the $50 midpoint. If Zcash can overcome the minor inconvenience caused by $58, we can expect positive returns in the short term. Since hitting a low of $48 in July 2022, ZEC’s positive return has been significantly subdued despite the cryptocurrency’s rally in August 2022.
On the weekly chart, the entanglement of the candle in the second week of September created so much selling pressure that even two positive closing candles could not overcome. His ZEC value of $100 was the support level before the 2022 crash, but it has been reduced by 50%. Therefore, the year-over-year outlook for Zcash remains bleak, with little breakout potential.