Zcash (ZEC), the Swiss Bank Account of Cryptos, Spikes to Six-Month High
The privacy-focused Zcash (ZEC) extended its bullish breakout on Thursday, as a combination of market momentum and positive news headlines helped the lagging cryptocurrency surge to new yearly highs.
ZEC: $100 in the Cards For the first time since November, Zcash is making a big push toward the psychological $100 level and a breakout appears highly likely in the near term.
The cryptocurrency peaked at $99.68 on Poloniex, marking a new high for 2019. ZEC last traded at these heights in mid-November prior to the bitcoin cash-induced selloff.
At press time, the ZEC/USD exchange rate was valued at $93.79, where it was up 9.8% during the session.
Zcash (ZEC/USD) is trekking sharply higher after breaking the 200-day moving average. | Source: TradingView.
Zcash is in the midst of a bullish breakout that began just over two weeks ago after the price overcame the 200-day moving average.
The latest rally puts ZEC into overbought territory, according to the daily relative strength index (RSI).
A textbook pullback is expected under such conditions. The accumulation/distribution line, a volume-based indicator that measures supply and demand, suggests that traders are beginning to hold ZEC following the latest breakout.
The A/D line has been in perpetual decline for the better part of a year, underscoring weak demand for ZEC.
There’s evidence that this trend is finally reversing.
What’s Driving ZEC? Zcash appears to be playing catch-up with the broader market following a dismal first quarter.
Between January and March, the ZEC price was virtually unchanged.
Since April 1, prices have rocketed 52% higher. The return of altcoin season is helping Zcash shake off some of the bearish pressure that had prevented previous rally attempts.
So far, the bearish-to-bullish trend reversal has discounted the role of privacy coins in fueling offshore deposits and digital wealth creation. Interestingly, Zcash is taking off at precisely the same time as Monero (XMR), another leading privacy coin.
Read the full topic at
https://hacked.com/zcash-zec-the-swiss-bank-account-of-cryptos-spikes-to-six-month-high/
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ZEC: $100 in the Cards For the first time since November, Zcash is making a big push toward the psychological $100 level and a breakout appears highly likely in the near term.
The cryptocurrency peaked at $99.68 on Poloniex, marking a new high for 2019. ZEC last traded at these heights in mid-November prior to the bitcoin cash-induced selloff.
At press time, the ZEC/USD exchange rate was valued at $93.79, where it was up 9.8% during the session.
Zcash (ZEC/USD) is trekking sharply higher after breaking the 200-day moving average. | Source: TradingView.
Zcash is in the midst of a bullish breakout that began just over two weeks ago after the price overcame the 200-day moving average.
The latest rally puts ZEC into overbought territory, according to the daily relative strength index (RSI).
A textbook pullback is expected under such conditions. The accumulation/distribution line, a volume-based indicator that measures supply and demand, suggests that traders are beginning to hold ZEC following the latest breakout.
The A/D line has been in perpetual decline for the better part of a year, underscoring weak demand for ZEC.
There’s evidence that this trend is finally reversing.
What’s Driving ZEC? Zcash appears to be playing catch-up with the broader market following a dismal first quarter.
Between January and March, the ZEC price was virtually unchanged.
Since April 1, prices have rocketed 52% higher. The return of altcoin season is helping Zcash shake off some of the bearish pressure that had prevented previous rally attempts.
So far, the bearish-to-bullish trend reversal has discounted the role of privacy coins in fueling offshore deposits and digital wealth creation. Interestingly, Zcash is taking off at precisely the same time as Monero (XMR), another leading privacy coin.
Read the full topic at
https://hacked.com/zcash-zec-the-swiss-bank-account-of-cryptos-spikes-to-six-month-high/
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Twitter: https://twitter.com/cryptoexpert20
IF you be an admin for your telegram group you can order from the link
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