This article will analyze the ZEC coin according to coinmarketcap data. First, we will discuss the ZEC coin and its projects and make a technical and graphic analysis. The analysis we will do in the weekly period will help the investors to take risks and manage their portfolios.
What is ZEC Coin?
ZEC coin, also known as Zcash, is a privacy-focused cryptocurrency that allows users to transact without revealing their identities or the amounts transacted. It uses a technology called zero-knowledge proofs to achieve this level of privacy.
What are the projects of ZEC?
Zcash has several projects to improve its technology and expand its use cases. For example, the Zcash Foundation works to improve the security and usability of the Zcash protocol. At the same time, the Electric Coin Company (ECC) focuses on developing new features and applications for Zcash.
Factors Influencing ZEC Price
Several factors can influence the price of ZEC coins. These include:
Market demand: Like any other cryptocurrency, the price of ZEC coin is influenced by market demand. If there is high demand for ZEC, the price will go up; if there is low demand, the price will go down.
Adoption and usage: The more people use ZEC coin for transactions and other purposes, the more valuable it becomes, which can increase its price.
Competition: ZEC coin faces competition from other privacy-focused cryptocurrencies, such as Monero and Dash, which can impact its price.
Regulation: Government regulations and restrictions on cryptocurrency can impact the price of ZEC coins and other cryptocurrencies.
Development and upgrades: The development of new features and upgrades to the Zcash protocol can improve the functionality and value of the ZEC coin, which can lead to an increase in its price.
ZEC COIN TECHNICAL ANALYSIS
After seeing its highest value of $372 in May 2021, ZEC, which started to decline, decreased by approximately 92% to $29.7. ZEC is currently trading at $37.6. According to coinmarketcap data, ZEC, which has a size of $611,849,886, has had a volume of $24,714,502 in the last twenty-four hours.
ZEC Chart Analysis
After seeing its highest value of $372 in May 2021, ZEC fell to 29.7, with a loss of 92% in a year and a half. When we examine the chart of ZEC, which is currently trading at $ 37.6, we see that the first goal is $ 50.3 and $ 75.8 as long as it stays above $ 37.3. Breaking the 37.3 sending support in ZEC may cause a pullback up to 25.2.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their research when deciding. This article does not include investment advice or suggestions. Every investment and trading move involves risk, and readers should perform their analysis when determining.
