Zcash Pumps 2.16% Despite Ongoing Price Correction, Are The Bulls Back For Zec?

Zcash seems to be getting back on track despite the widespread price correction in the crypto market. The outlook is quite bullish at this point and analysts believe it will continue. ZEC price was valued at $77 less than 24 hours ago. It had initially seen a decrease of over 4%. At press time today, data from Coin Market Cap reveals that the privacy coin has pumped 2.16%. it is now valued at $80.21.

Can ZEC Maintain the Momentum?

The entire crypto market is still very bearish with many top 20 coins in the red. Ethereum, XRP, Bitcoin Cash, EOS and many others are still bleeding. Litecoin, Binance Coin and Tether are the only top ten coins in the green. Zcash has been trading upwards in the last 24 hours, following the bullish Zcash price prediction. Presently, it may not be feasible for Zcash to enter into a full bull run considering the red market. However, the future isn’t bleak for the coin as the developers focus more on acquiring long term solutions as well as partnerships that matter.

What is the price of Zcash Today?

Zcash surged to $80.21 with a market cap of $536,981,826. Zec also has an impressive 24-hour volume of $294,609,810 at press time. Zcash has proven to be one of the best privacy coins to invest in. its when comparing its price with the price of Zec a couple of weeks ago, it is clear that the coin has seen more than 20% increase in price. 26 days ago, Zcash traded at $63.49, but has been able to cross the resistance level and find a new support level. In the past 100 days, Zcash price has seen a 52% boost. These stats have placed Zcash as one of the top five gainers for the day.

What Should You Expect From Zec Next?

Some analysts made Zec price predictions a few weeks ago, placing $85 as the target. Zcash is already surging close to $85 and should surpass it soon if the bullish trend continues. The next resistance level from this point would be $88. If Zec scales this level, then it would be headed for $169.

The price of Zcash is expected to surge further as more people are beginning to show interest in the privacy coin. The Zcash halving has been set to fall in 2020, a few months from now and this would also help push the price of zcash further to the moon.

Even though the entire crypto market is slowly gaining the momentum afresh, a bull market shouldn’t be expected immediately. Since the market is still correcting, the trends at the moment are bearish. However, in the medium term and short term, Zcash price is bullish.

The coin has recently suffered from some external attacks on privacy coins and the recent delisting pushed a downward trend. Still, Zec is waxing strong and is definitely one cryptocurrency to invest in. short term traders should be wary since the market correction is still in place. Other investors who wish to trade for the long and medium term, may find an excellent cryptocurrency in Zcash.

What are your thoughts about the recent upward trend of Zcash? Can it maintain the momentum?

 

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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