When you look at the performance of most of the mainstream cryptocurrencies on a year-to-date basis, they have risen handsomely. Many of the mainstream currencies are between 10% to even 100% in 2019. However, when you look at Zcash (ZEC), you will find that the performance has been lackluster. It clearly indicates that Zcash (ZEC) is struggling to gain momentum.
ZCash (ZEC) struggling to gain momentum:
The volumes in the preceding four months have not picked up either. They have remained more or less at the flat level with interim spikes in between. The reason why ZEC was expected to pick up is that it is one of the most popular private coins. Apart from Monero, it is one of the very few coins which actually provides anonymous transaction if the user wishes to use that feature. That is why, it was expected that with the increase in the use of Monero (XMR), Zcash (ZEC) would gain more momentum as well. However, neither the volumes have increased, nor it has provided any meaningful return in the past few months.
Levels to watch out for:
Currently, it is trading around $ 56.76. It is down 2% today itself. The levels to watch out for on the lower side will be $ 46.5. It is strong support. Prior to that, there is support around $ 49.3. On the upper side, there is an extreme resistance around $ 74.4. It seems like the momentum is on the downside. Zcash (ZEC) was trading around $ 74.47 at the peak in 2019. It has safely moved down from these levels in a matter of a month. Currently, it is trading around $ 56.76. It means that in a matter of just one month, it has lost more than 23% of its value.
If you’re thinking of investing in Zcash (ZEC), it would be better first to find out whether it can find some support at the lower levels or not. If it continues to break these lower levels, it might be a good idea to wait it out. On the upper side, it will find it very difficult to clear the levels of $ 74.5. If you’re in the green and Zcash (ZEC) struggles around the higher levels, it might be time to think about profit booking.
While the fundamentals remain strong in the private transactions which it provides can gain more users, but in terms of the technical momentum, it is lagging severely.
Leave a Reply