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Zcash is a decentralized cryptocurrency focused on privacy and anonymity. It uses the zk-SNARK zero-knowledge proof technology that allows nodes on the network to verify transactions without revealing any sensitive information about those transactions. Zcash’s main advantage lies in its optional anonymity, which allows for a level of privacy unattainable with regular, pseudonymous cryptocurrencies like Bitcoin or Ethereum.
ZEC transactions can be sent in two ways: transparent and shielded. Transparent transactions work in about the same way as in Bitcoin, whose codebase Zcash was originally based on: they are sent between public addresses and are recorded on an immutable public ledger (the blockchain). All essential information about these transactions is available online for anyone to see, including the sending and receiving addresses and the amount sent.
The technical analysis of ZEC has been showing some interesting moves.
Past Performance of ZEC
ZEC has grown since past three months from a value of $99 in September 2021 to $311 on November 25, 2021. This increase has been led by the discussion around moving core protocol's decisive transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS). The cryptocurrency's main developer, Electric Coin Company (ECC), announced that it would move Zcash's protocol from PoW to PoS within the next three years. The nonprofit noted that the upgrade would limit the ZEC price's downward pressures by removing miners that "immediately liquidate" the token for Bitcoin or fiat.
Since November 26, 2021, the price fell by 16 percent and has fallen to $225 levels indicating the euphoria has been accounted for in the prices already.
Source: https://www.tradingview.com/x/Fw2YBMCb/
ZEC Technical Analysis
The QTUM blockchain will halve for the first time at block 1,427,004, which is expected to be generated around 1 December,
The On-balance Volume is at 2.31 million and is picking up along with the price, though has been relatively flat.
RSI has been also revolving around 48 percent showing the price and volume are going down.
The MACD line has been converging at a high point above the histogram indicating a strong change in price.
Price Trends for the Day-Ahead and Tomorrow
ZEC is receiving STRONG BUYsignals as per oscillators and indicators. ZEC's latest push upside made it enter an inflection zone, prominent for its record of capping the cryptocurrency's rallies. A clear breakout trend may appear after ZEC closes above the inflection zone, accompanied by rising trading volumes, thus targeting the Fibonacci retracement levels of $284 and $323.