Zcash Price Analysis: Will the ZEC Token Reach $50 in 2023?

• The ZEC coin can reach $50 this year.
• The Zcash coin is trading at $25.08 and it witnessed an advance of 1.5% in the last 24 hours.
• This crypto asset’s value is down by almost 99.5% from its all-time high.

 

Zcash is a seclusion-focused, payment network based on blockchain that supports proofs of zero knowledge for protecting transactions. It was developed as a hard fork of the Bitcoin blockchain, with the commencing understructure in Zerocash protocol.

 

This token marked its all-time high on 29th Oct 2016, when it was priced at $5,941 and since then it has been in a downtrend for the last 5 years.

The ZEC coin is currently trading at $25.08 with an increase of 5.7% in its 24-hour volume.

 

1. The circulating supply of the token is 16,328,269 ZEC which is 77.75% of its total supply.
2. The trading volume of the token is $36 Million in the last 24 hours.
3. The market capitalization of the token is $4.09 Billion.

Zcash Weekly Sentiment Analysis

The price of the token has decreased by 3.531%. The total social engagements have declined by 73.10% and the total bearish sentiment has decreased by 42.55%. Its weekly sentiments are negative indicating a bearish move in the weekly timeframe.

Daily Sentiments

The token’s total market volume has decreased by 6.08%. The total social engagements has surged by 817.2% and the total bullish sentiment has increased by 58.82%. The daily sentiments are positive, indicating a bullish price action in the daily timeframe.

Weekly Technical Analysis of the Zcash Token

As we can see the price is moving in a downward trend and it keeps on making lower lows. It fell from the $75 to $24 range in the last 1 year, where the price has declined by 202%. The token price is trading very close to $24 weekly support and if we take support from that level, we can see a short-term hike of about 45%. 

If the token price falls further, it can get back to the levels of all-time lows of around the $18 range.

For further upward movement, the token price has to break the last lower low and reverse the trend into a bullish trend. For that, the community of the token has to become stronger and start investing and dominating the bears. For the last 5 years, bears have snubbed the bulls.

It is the best time for the bulls to enter the market as the price is down from its all-time high by 99.5%. 

The RSI is under the oversold region and below the neutral levels. The RSI line is at 36.80 points and SMA 14 is at 38.63 points.

In MACD, both the MAs are below the level 0. The blue fast line is taking support from the red slow line, which shows that the volume can be increased. Currently, the volume is in a downtrend as we see in the histogram.

Conclusion

We can wait for the price to take support from the $24 range and break the last lower low to confirm an upward trend. Keep a check on the volume of the token. The bulls should shortly enter the market and take the price upward. If that does not happen, the token price can continue the downtrend and get to our all-time low zone.

Technical Levels:

SUPPORT : $24.03

RESISTANCE: $34.10, $48.19, AND IN LONG TERM – $54.7, $74.78

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.