Zcash was created in 2016 to make blockchain decentralized transactions anonymous. Zooko Wilcox does not like Bitcoin because it allows tracking transactions, so he developed a similar blockchain peer-to-peer transactions known as Zcash. It is more private and faster than Bitcoin. Edward Snowden made Zcash popularized by stating it as an alternative to Bitcoin. The project got private investments from many other crypto legends. ZEC is the native coin of this cryptocurrency. It only shows transaction date and time; it does not show sender, receiver, and amount.
It uses proof of work consensus similar to Bitcoin that helps the miners to earn Zcash as a reward for their time and efforts. The team believes it will become a global payment system similar to Bitcoin. It offers decentralized, anonymous, borderless transactions at lower costs. It creates a new block of transactions every 2.5 minutes; it is quicker than Bitcoin, which takes 10 minutes to create a new block on the network.
Indeed, it has a future; developers are working on it to explore new business opportunities, which will generate more revenues. You can consider this for long-term holding.
While writing this post, ZEC/USD is trading around $75. It has been consolidating between a range of $52 and $69 over the last few days. Though it has broken the resistance level, it will face another resistance at around $90.
In the short term, it has been forming higher highs. Candlesticks are forming in the upper range of the BB. MACD and RSI are both positive. We think it is the right time for a short-term investment with a target of $90. Please read our Zcash news section before investing.
On the weekly chart, three green candles suggest bullish momentum for the short term. The technical indicators are still neutral based on the MACD and RSI, and the Bollinger Band baseline is around $95. Overall, we can say the chart is short-term bullish and good for quick gain.