- Bullish Zcash price prediction ranges from $145 to $600.
- Zcash (ZEC) is decentralized crypto providing selective transparency of transactions.
- Zcash bearish market price prediction for 2021 is $63.
This Zcash Price Prediction 2021 article is based on technical analysis only. You will see the key measures below that we have taken into account upon coming up with our ZEC price analysis and prediction.
With the ever-increasing hype surrounding the crypto world, it is not surprising that the industry has assembled a market cap of over a Trillion dollars. In fact, many cryptos spiked to a new all-time during this 2021 bull run.
In addition, some crypto also experience a downtrend position due to the wild market volatility of the crypto space. Because of this, many crypto traders are confused about whether it is time to sell or hold their digital assets.
Nevertheless, the crypto market is consolidating lately, and most digital assets are losing their previous profits. Would ZEC experience the same price volatility? We’ll find out shortly in this ZEC price analysis 2021 article. But first, let’s figure out what ZEC is.
What Is Zcash?
Zcash is a decentralized and open-source digital asset that provides privacy and selective transparency of transactions. Moreover, Zcash payments are released on a public blockchain, but the sender, recipient, and transaction amount remain private.
Zcash is a peer-reviewed cryptographic network created by a security-specialized engineering team on an open-source platform based on Bitcoin Core’s battle-tested codebase. More so, Zcash uses advanced cryptographic techniques, namely zero-knowledge proofs, to guarantee the validity of transactions without revealing additional data about them.
Now that we have an idea about Zcash, do you think ZEC will be profitable crypto in 2021? Join me, and together let us check the charts in this ZEC price analysis and ZEC price prediction.
Zcash Current Market Status
When writing this Zcash price analysis, ZEC trades at $133.63 with a 24-hour trading volume of $366,908,870. The price of ZEC has increased by 1.01% in the last 24 hours.
Furthermore, ZEC has a current circulating supply of $10,932,193. Currently, the top digital asset trading platforms for ZEC are Binance, Huobi Global, OKEx, ZG.com, and CITEX.
Now, let’s move to the next part of this ZEC technical analysis for 2021.
Zcash Price Prediction 2021
Recently, ZEC took the 71st position on CoinGecko. But will the recent developments, upgrades, and changes in the blockchain help the cryptocurrency price to reach higher? Let’s proceed to the charts in this ZEC price prediction article.
Based on the chart above, the bigger time frame shows the Ascending Channel pattern. An Ascending Channel is the price action contained between upper sloping parallel trendlines. In addition, higher highs and higher lows characterize this price pattern.
Moreover, technical analysts create an ascending channel by drawing a lower trendline that connects the swing lows and an upper channel trendline that joins the swing highs. As shown above, at the beginning of this period, ZEC turned from a bearish trend to bullish. This is a result of the vast trading volume in that period.
The Relative Strength Index (RSI) is at 51, which means that ZEC is neither overbought nor oversold. In other words, traders and investors can trade with confidence without worrying about any major price reversal.
Furthermore, crypto traders must trade cautiously and must not be affected by the cryptocurrency market hype. With this in mind, cryptocurrency traders must be careful to avoid unexpected losses due to the crypto market’s wild swings.
Let us also look at the Exponential Moving Average (EMA) and the Simple Moving Average (SMA) of Zcash.
Since the start of 2021, ZEC’s price has seen many bullish moves, which are higher than the previous one. More so, these are followed by consolidation, fluctuations, and corrections right away. Taking this into consideration, ZEC has a competitive market this 2021.
Zcash Price Prediction Chart Showing Symmetrical Triangle Pattern
As shown below in this ZEC price forecast chart, the crypto has shown a Symmetrical Triangle Pattern in a smaller time frame.
The smaller time frame in the chart above shows the Symmetric Triangle pattern. This pattern indicates a period of consolidation that may move to a price breakout or breakdown. A breakdown from the lower trendline represents the beginning of a new bearish trend. In contrast, a breakout from the upper trendline shows the start of a new bullish trend.
In the short-to-mid term scenario of our ZEC price prediction 2021, ZEC has to break past the resistance level at $216. To do this, it has to establish more support at the resistance level at $161. If not, bears may gain the upper hand and drag ZEC further to their territory.
ZEC seems to have a great future ahead in 2021. With the ongoing developments happening within the ZEC ecosystem and the overall crypto market, we may see ZEC reach new heights.
Meanwhile, our long-term ZEC price prediction 2021 is bullish. Even more, the bullish ZEC has a high possibility of reaching $428. However, that will only happen if it breaks the past psychological resistance. It may even reach $600 if investors continue to side with ZEC this year along with the mainstream cryptocurrencies like Bitcoin and Ethereum.
Zcash is a decentralized digital currency that offers privacy and selective transparency of transactions.
Users can obtain ZEC tokens by purchasing them from cryptocurrency exchanges such as Binance or Huobi Global.
Yes, it’s very much possible that ZEC might reach $600 in the near future as per the current bullish trend.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
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