From the highs of $372 on May 12, 2021, ZEC price action quickly turned negative and retested its long-term support at $83.18 on July 20, 2021. Skipping testing the year low of 2021, ZEC rebounded with bullish sentiment at the end of July 2021, which is continuing.
From a layman’s perspective, Zcash is private and much more secure than its predecessor, Bitcoin. In fact, it used some of Bitcoin’s original code in the beginning. Being Audit and regulation friendly allows users of ZEC to audit their revenues and profitable income from trading in Zcash. There is no central database. Hence, ZEC is far more secure in terms of hacking and 51% attacks on its network.
Zcash Price Analysis
Zcash has retraced to decent levels from its lows of July 20. It is currently trading at a premium of 38% when compared to the valuation on July 20, 2021. Near-term resistance posed by the 50-Day Moving Average has turned into support, preventing ZEC from falling to lower levels. Since it respects the trend line, we can witness another round of bullish movement towards the $150 range.
The only hindrance to reaching $150 is the price action-based resistance active around $130 – $135. Breaking this level can further escalate the positive sentiment on Zcash. It also has swing support at $100. Hence any trades at current levels offer a 1:1 risk to reward ratio.
RSI of ZEC on daily charts is slowly moving towards overbought zones, indicating high buying action. Sustaining the $135 range can help ZEC scale the near-century of $200. But the path ahead won’t be simple; there will be multiple retracements along the way.