A Zcash director leaves the project and according to the analyst Qiao Wang, this is adding to the aspects that make Zcash an attractive investment. He says that both the product development progress and technical analysis are extremely bullish signs for the privacy-focused asset so let’s find out more in our ZEC news today.
In terms of the technical analysis patterns, Mr. Wang believes that after the Zcash director leaves, the performance of the asset broke out of its three-year bearish decline, and according to the chart, Wang says that the breakout took place in 2020. Wang believes that the ZEC price is in a textbook W-shaped bottom which indicates a bullish outlook for crypto assets.
– Broke out of 3-year bear
– Textbook W-shaped bottom
– Coinciding with governance crisis
– Usable shielded clients
– Imminent 1st halving
– Increasing awareness on privacy
– Global return of socialism
If this isn’t a generational buying opportunity Iono what is. pic.twitter.com/A5YRW89Ohj
— Qiao Wang (@QWQiao) August 1, 2020
Following the Zcash latest news, Wang mentioned that the governance crisis is one of the reasons that ZEC could enter in a bottom position. He attached the resignation letter by the Zcash executive director Josh Cincinnati who resigned on July 31, 2020. As explained for our Zcash news, Mr. Cincinnati is sure that the Zcash Foundation is left in good hands:
“I’m leaving the Foundation (in very good hands!).”
Mr. Wang added that these implementations will help shield ZEC clients with the transactions is another indicator of a bright future for the cryptocurrency. Also, as reported in the ZEC news today, the feature got released before the initial first halving of the ZEC mining rewards. We saw in our Zcash latest news that the platform underwent through its Heartwood hard fork which got activated through the Zcash blockchain. It initiated the migration to obfuscated addresses instead of the old-fashioned transparent addresses.
With this kind of upgrade, ZEC became one of the most-privacy oriented coins and therefore it falls under the increased awareness on privacy framework which is a very important topic within the blockchain community. Mr. Wang also said that the “global return of socialism” is one of the few aspects within the ideological context of the great way ahead for Zcash.
Recently, Zcash partnered with Gemini and Binance to launch its new Crypto in Context program as DC Forecasts reported for the Zcash news, which is a new education program that is designed to help spread the word of crypto across the world. Crypto in Context is a new education initiative that is led by the makers of Zcash.
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