Zcash offers highly advanced privacy technology. There are many privacy-centric crypto networks, but Zcash is popular among them because of the following reasons:-
The goal of ZEC cryptocurrency is to replace fiat money because a central authority or bank controls that money. However, there is no central authority to control such transactions on a decentralized blockchain network. With Zcash, senders and receivers can transfer money anonymously; no one can take the money away.
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Users can complete such transactions on the Bitcoin network, but it makes the transactions public, and anyone can check the history, senders, and receivers’ information. Zcash offers a solution to this problem where users can take the benefits of full ownership of their privacy, making people comfortable sending and receiving money through the Zcash network.
Sending transactions using a decentralized network is costly, but Zcash also solves this problem with its low transaction costs. Many corporate houses accept crypto payments mainly out of curiosity, but it also impacts their business revenue because of the high transaction costs. When the community realizes this fact, they will switch to a crypto network that offers lower transaction costs. Zcash is one of the leading technologies/networks in the industry.
Zcash is mainly a privacy-centric cryptocurrency, but it also offers options to disclose transactions to a third party for auditing. That makes it the best privacy coin and regulatory friendly for long-term growth.
Read this technical price analysis if you are considering ZEC for long-term investment from a growth perspective.
At the time of writing this post, ZEC was trading around $63.34. ZEC coin has been forming higher highs and higher lows after the downfall of May, but in the third week of August, it changed the momentum and entered a consolidation phase. Though it is too early to assume the movement, it seems like Zcash is trading within a range of $61 and $69.
The RSI is above 40, but MACD is bearish. Candlesticks are forming in the lower range of the Bollinger Bands. These indicators suggest a bearish phase, so we do not think it is an ideal time to invest for the short term because ZEC’s price might fall further and trap retail investors.
For the long term, ZEC is not a consistent performer because you can find occasional spikes and long consolidation phases, which means that it may not take an uptrend and continue the consolidation for a few months.
Most technical indicators are bearish, and candlesticks are in the lower Bollinger bands, which suggests that there may not be any uptrend in the near future. We think investors should choose an alternative to Zcash for long-term investment.
The post Zcash (ZEC) Continues Consolidation for the Long-Term! appeared first on NameCoinNews.
