Zcash nears double top level as it was trading at $62.58 at the time of writing and with a bullish candlestick, the coin is about to hit $64. ZEC is facing a strong resistance however at the $65 level and it was at the onset of the previous week once the altcoin went back to its 5-month high above $64, as we are reading more in the Zcash news.
Zcash similarly to IOTA is seeing some uptrend movement right after the huge sell-off in March without the consolidation period. However, just when the altcoins started relaxing towards the end of the week, the momentum seems to be back as we can see altcoins such as Augur, Dai, Litecoin, and IOTA gaining huge momentum in the intraday. This is why Zcash nears the double top retaining complete support against the greenback.
The Zcash price movement seems moderately volatile in the past three weeks and it was just a week ago when the coin reclaimed its 5-month high beyond $64 and seems bullish since the 1st day of the ongoing week. With the bullish intraday crossover and the gains, the cryptocurrency retained complete support from the MA50 and the MA200 around the full support area at $58. Other technicals show that the positive sentiment of the market with the high volatility of the 20-day Bollinger Bands on the 2-hour chart got wider. The MACD for Zcash is showing bullish divergence because of steep intraday traction and the RSI is set at 72.13 indicating increased demand.
As per the latest reports, Zcash overtook monero as the leading privacy coin according to a new report by Weiss Ratings that says XMR is losing its appeal. The users who value privacy are leading more towards Zcash as we are reporting today in our Zcash analysis. The altcoin went through the Heartwood upgrade that enables third-party integrations and better privacy and the altcoin also has a halving event scheduled for November this year. The team at Weiss ratings concluded that Monero is losing its appeal as the choice coin for privacy-centric crypto users and the same users now prefer Zcash because of the addition of the new features thanks to the Heartwood upgrade.
Currently, the Zcash cryptocurrency achieves a high level of privacy by making it possible to shield the origin and destination of transactions.
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