The Zcash price analysis in today’s cryptocurrency news shows that ZEC is known to be a decentralized payment platform that provides security fixes and privacy infrastructure for the users of the Zcash protocol and blockchain. The foundation behind ZEC was created in February 2017 and the main purpose was to implement several improvements to the ZEC ecosystem.
In May 2019, the Zcash Foundation launched ZEPIO which was a privacy focused wallet that sends shielded transactions by default and includes full Zcash nodes. The foundation also focuses on granting funds to different privacy oriented projects. In 2019, the foundation fund seeded around $40,000 to the Open privacy research society to promote privacy-enhancing technologies. However, the recent Zcash price analysis shows that ZEC is far from a bullish breakout.
Instead, ZEC is trading at $40.36 with a 4.31% loss on the day which has been extending lately. More than a week ago, Zcash was trading around $50 which shows that it managed to cut around 20% and faced a downfall. Before that, the price was even around $70 which was the monthly high.
The Zcash news and rumors show that there is a lot of potential in the price movement as it was the level of $70 at the starting of February. The volume traded at that time and was on a significant rise at around $900 million as compared to the one of the current market cap which stands at weak $378 million.
In the latest Zcash price analysis, we can also see that the technical graph reflects on the bullish and bearish movement of Zcash from the starting of the year to date. The bullish momentum describes the potential of the coin as well as the strong future fundamentals and projections. However, the reality is that we are in a bearish phase and that the downfall was result of sharp rising rallies and market forces of the bearish market.
The technical indicators suggest that the ZEC bears are here and they are strong. Traders who bought ZEC at the high are now seeing losses of more than 40%, which indicates that now may be a good time to buy this altcoin and expect for the very best in the future.
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