Back in June of last year, ZCash was set to go through a hard fork. This initially made the price of ZCash to increase significantly. Overwinter is the name of ZCash’s hard fork. It is proposed to be a network upgrade that will improve the cryptocurrency. The network will have a 90 day period to update the software following the launch of the hard fork. It is now up to users to know whether crypto exchanges holding ZCash will support this new protocol or not. What’s ZCash’s value for the long-term?
Zcash Price Prediction: What is the Impact of the Upcoming Hardfork and Coinbase Listing on the Price of ZCash?
Due to the recent developments initiated by Zcash, the popularity of the digital asset has also being increasing. However, it remains to be seen if this positive impact will be obvious after the highly anticipated hard fork. When Zcash was announced by Coinbase it impacted the price of ZEC. The goal behind this announcement was part of Coinbase change in policy that included the proactive listing of specific virtual currencies.
The main objective of the modified policy, was to add a few more digital assets that will put on Coinbase in line with the stipulations of the Digital Asset Framework. The framework is designed to oversee listings on exchanges.
When ZEC was announced by Coinbase when the market dipped in December of 2018, holders were expecting minor positive changes in the price of ZCash. At the time it didn’t impact it positively. But investors still remain bullish.
Zcash Price Prediction: The Price of ZCash Has Featured on Lows Under the 14-day SMA
The price of ZCash has been somewhat uneven in recent days. The trade worth of the ZEC/USD pair reportedly been featuring a line of lower lows and is currently sitting under the sell pattern of the 14-day SMA. We can recall from April 23, that the ZEC/USD pair started depreciating faintly. It began when the value of each coin was at $70. Now it is hovering around the low point of $60.
The two price indicators are situated in the range positions as the 14-day SMA stays above the 50-day SMA. We can also see that the Stochastic oscillators have slantingly dipped moving into the oversold territory. They are still pointing toward the south-east which suggests that the price of ZCash is currently in bearish position. This is ongoing, atleast to a small extent.
Zcash Price Prediction: Investors Should Wait for the Price of ZCash to Initiate a Strong Actw Before Moving Forward
The Price of ZCash is expected to maintain or continue with its choppy market movements. At least this will carry on until the next trade days this week. While this may still be an assumption that comes to play, it is essential that investors wait for a strong price action to happen before moving forward. On the other hand traders are expected to lookout for any decent buy set-up between areas like $60 and $40 for the price of ZCash. As is the case with digital assets, forecasting can always be a risky proposition so investors should wait until they see a strong price movement before heading into the market.