Zcash Price Prediction: Is Bear Market Taking a Toll On Zcash?

• 1 The Zcash development team ECC plans to restructure the organization to ensure its alignment with the mission.
• 2 ZEC is currently showing a downtrend in price. It has seen a jump of 1.14% in the intraday session.

Zcash is a decentralized cryptocurrency that is focused on privacy and cryptocurrency. It uses zk-sNARK technology which allows nodes on the network to verify the transaction without revealing any additional information. Zcash addresses are either transparent or private. The private addresses start with z and the transparent addresses start with T. a z-z to transactions appears on the public blockchain so it’s known to have occurred and fees were paid. Meanwhile, the transaction amount, addresses, and memo field are all encrypted and not publicly visible.

Zcash supports fast transactions with a very low fee. The owners of shielded addresses can disclose the transaction details for regulatory compliance. Recently, the development team of Zcash Electric Coin Co has announced plans to restructure the organization to ensure its focus on its goal. As part of the restructuring process, they have laid off the 50% of their employees. They have also mentioned that the bear market has taken a toll on them.

Zcash has a market cap of $550 Million and is ranked 77th in the crypto-verse. The V/M ratio of assets is near 3.125%. The social dominance of the asset price has observed a slight decline in the past few hours.

Will ZEC Price See a Downside Soon?

Zcash has been moving in a bearish momentum on the weekly technical chart. ZEC has recently seen a small bullish trend but is now currently consolidating. It is currently trading near the value of $33.47 with a small drop in the intraday session. The upside trend of ZEC can face a ceiling near the value of $40. Meanwhile, the support of the asset price can be seen near $30. ZEC price is trading above the 50 and 100 Exponential Moving Averages. There can be a negative crossover in the future which can push the price down.

The Bars and Signal lines of the MACD hint towards a weak upside momentum. The overall sentiment of the indicator is neutral.

Summary

Zcash development team ECC is planning to restructure the organization. ZEC price is currently in a consolidated trend but can see a new high in the future.

Technical Levels

Major Support;$30

Major Resistance: $40

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.