Zcash grows again by 12% percent still outperforming larger coins including Bitcoin which is why analysts believe that the coin will keep on going up, surpassing strong resistances so let’s find out more in the Zcash latest news.
There are a few other fundamental reasons for these predictions such as the upcoming block reward halving. Bitcoin recently hit the $12,000 per coin after which the price got rejected to a lower $11,000 region. For that short time, it seemed as the price will settle but then it started increasing again. However, while BTC struggled to go up again, another crypto surged and became the best performer in the past 24-hours which is, of course, Zcash.
The halving in November this year meaningfully reduces supply on market. ZEC is one of the most inflationary coins on the market, and so IMO the argument for the halving leading to a more bullish ZEC is stronger than the argument for the BTC halving leading to a bullish BTC. https://t.co/w2XQjDqMYG
— Avi IS RIGHT (@AviFelman) August 5, 2020
As Zcash grows, the ZEC price gained around 12% during the previous day which allowed it to strongly outperform BTC which only increased by 4%. ZEC was among the worst performers during the crypto winter in 2018 but now it seems to have the full potential to be one of the best performers and to rally much higher. The analysts who made these predictions mentioned the fundamental and technical reasons for why this could be the case.
Some traders believe that the ZEC price performance is a strong rally which allowed the coin to breach its pivotal resistance level. This behavior clears the way for further growth and it would even help it move past 30% and reach its next resistance which will be $125. This is the most optimistic prediction while others believe that a smaller resistance of $116 is more likely to be the next target. Another thing to have in mind is the upcoming Zcash block reward halving.
— Satoshi Flipper (@SatoshiFlipper) August 5, 2020
Of course, it added a few privacy features which are what helped it to become one of the best-known privacy coins in the industry. It still does share a lot of Bitcoin’s characteristics such as the capped supply of 21 million coins and the block halving which takes place every four years. Unlike BTC, ZEC will go through the process around November 19th. The sentiment about the block halving makes sense especially since the experts noted that Zcash’s halving will have a much bigger effect than the BTC halving.
Also, A Zcash director left 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.
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