(Updated 6th April, 2020) ZCash (ZEC) is a pre-eminent privacy and security coin. The price of ZEC has tumbled from its all-time highs near $900 at the beginning of 2018 to a price that’s currently at $64. With crypto price predictions being far from simple in this analysis we are going to try and take a look at a few factors that could push the price of ZEC upwards. All digital currencies are volatile and highly complicated, with prices influenced by a host of vital factors, namely, demand, supply, partnerships and availability. Against this background, let’s take a look at why experts think Zcash will rise.
Why Experts Think Zcash Will Rise
According to TradingBeasts, Zcash is expected to start the year at around $31. The maximum expected price is about $38, and the minimum price is approximately $26. The coin is expected to end January at around $30. However, ZEC is expected to end 2020 trading at about $46, and in 2021 the price could rise to $68.
According to Zooko Wilcox, CEO of ECC (Electric Coin Company), the firm behind the privacy-focused digital currency ZCash, the firm has added substantial changes outside privacy. These changes make privacy much more accessible and also opens up the door for mobile applications. These developments will see the coin’s demand increase in the coming years, which will, in turn, raise the price.
Other prominent investors such as Dan Morehead of the Bitcoin venture capital Pantera Capital, expressed optimism towards the coin’s features and stated that it has more advantages over Bitcoin, as regards to selective transparency, GPY mining to prevent centralization, and potentially has more effective governance.
Deloitte’s Blockchain Experts
One of Deloitte’s blockchain specialists, Davis, stated that since popularity attracts capital, zcash will rise, given that it was fast out of the gate and has managed to build up a strong following regardless of some of its weaknesses. This means that the coin has a bright future, and enthusiasts should look forward to a price surge in future.
Other Factors Driving The Price Of ZCash In 2019
There’s not a whole lot of optimism in the price going upward at the moment with one important and vital exception: a listing on Coinbase. We’ll explore what that could do to Zcash price and where it could land by the end of the year.
Built On Science
First, though, the story of ZEC starts years ago with technologists interested in creating a coin that could use zero-knowledge proofs; an ability that would hide transaction details that other coins were exposing. The technology was seen as innovative then as it is now and it’s been praised by many in the crypto world for its ability to complete privatize a transaction. Few coins can do this, and at the time it was a coin that wasn’t just copying Bitcoin but innovating on the idea Satoshi first laid out.
As its own website says, Zcash is built on science. And that’s good—it’s a project still and completely devoted to the mission it set out to achieve. Again, not every project can say this.
But it also means it’s not a project overly concerned with its own trading price, nor doing a high level of marketing toward getting user adoption or exchange listing. So it has a downside there, especially for early investors.
Instead, the brand focuses hard on the elements and fundamentals of privacy. You can see that on its blog—which is filled more with perspective pieces than marketing fodder or investor relation pieces. And that’s just the way Zcash is going to be. As it’s latest post states, the project is focused on its experiment “to shake financial foundations and build a future that honors all people, for all time.”
Not every coin is going to be TRON and have Justin Sun tweeting about new updates daily to attract new eyes to the project.
But if Zcash can succeed in its vision, and provide a coin that is exchanged with this praised technology, exchanges that cannot be tracked, then ZEC price has a whole lot of value to back it up.
The Coinbase Listing Effect on ZCash Price
And that’s clearly what Coinbase saw as it announced in July that it was looking at ZEC, amongst only four other coins, to list on its platform. It gave no timeline, but just the news that the United States’ biggest exchange was thinking of adding a ZEC-fiat rampway saw its price jump 40%.
And just now we’re seeing the Coinbase effect in full swing. One of the other coins listed in that group of five was 0x (ZRX) which was added to Coinbase Pro today. The coin saw a 20% increase on its USD value and more on its BTC ratio as other coins fell. The same will likely happen when Zcash is listed on Coinbase and ZEC price will see a boost from new consumer interest.
Seeing that Zcash is focused on increasing its technical experiment and partnering with scientific teams that can work with its zk-SNARKs technology, Zcash price is going to rely on Coinbase.
ZCASH (ZEC) Price Prediction Updated 1 April 2020
The analyst just found this support zone for ZEC. We can see that the price dipped into the support but that the zone fought back, and the price action just resulted in a wick. This confirms the zone, leading to a nice scalp opportunity. See the chart for information on stop loss, take profit, and entry positions.
Zcash is back in wedge and looks ready to grow for mid-term.
The analyst advises that we keep an eye on other privacy coins like Monero & Dash too.
Buy Entry= 0.005004 – 0.004824
Take Profit= 0.005395 | 0.005782 | 0.006196
Stop Loss= 0.004431
Risk/Reward= 1:1 | 1:1.8 | 1:2.65
Expected Profit= 9.79% | 17.66% | 26.09%
Possible Loss= -9.83%
Fib. Retracement= 0.382 | 0.5 | 0.618
Margin Leverage= 1x | 3x | 5x
Technical Analysis on ZCash Price
The analyst says that ZCash is forming an ascending triangle, which indicates that it will continue its upward movement to the next resistance zone. He suggests opening a long position if it regresses to the triangle base or if it does a consistent break out at h1 on the triangle top.
The analyst says that ZEC has been in a downtrend for a long time experiencing some corrections which haven’t been bullish.
ZEC will halve around the end of 2020 and with this halving the founder reward should also come to an end. Both factors could enhance the price action over the next ten months.
If these are wolf waves, the potential upside target is massively high. Naturally, this target is entirely unrealistic, but the analyst believes the time for Zcash is coming. Volume breaking the 50MA will give useful inside about the pertinence of this post and the take profit.
Fibonacci tells us another story.
CALL FOR LONG
PROFIT UP TO 15,6%
STOP LOSS 1,5%
TP1 7202 SAT
TP2 7486 SAT
TP3 7991 SAT
In the long term chart, we can see that the price just broke the long term Resistance line and starts to accumulate above the resistance, which is a good sign for the bulls.
On the daily chart, we can see that this accumulation is Bullish Rectangle, and the price just touched the support of the, and the bulls show up. Also, we have a buying pressure on this area, and we are forming a Hammer Candlestick pattern, which is a sign for the trend reversal
On intraday timeframes, we have this short term resistance above 0.0060 sats.
If the price breaks this resistance, we have a lot of possibilities to test the top of the rectangle
The analyst says he has found another profit potential trading idea us, and now it’s a harmonic move by Zcash (ZEC). The Priceline of ZEC is forming a bullish Cypher pattern, and soon it will be entered in a potential reversal zone and will be ready for a bullish reversal soon.
After initial leg (X to A) the A to B leg is retraced between 0.382 to 0.618 Fibonacci and then B to C leg is projected between 1.272 to 1.414 of A to X leg’s Fibonacci projection and final (C to D) leg is suppose to be retraced between 0.618 to 0.786 Fibonacci projection of X to D leg for a perfect bullish Cypher. Then the price action will be entered in the potential reversal zone of this bullish Cypher pattern. Then we can expect bullish divergence at any time, which will lead the priceline between 0.382 to 0.786 Fibonacci projection of C to D leg.
The analyst sets his Buying And Sell Targets at;
Buy between: $44.84 to $36.37
Sell between: $51.51 to $67.50
So, this is up to 85% profit opportunity.
The potential reversal zone area, which is up to $36.37 can be used as stop loss in case of complete candlestick closes below this level.
Recently the Zcash Foundation released a governance protocol that will aid decentralization of the platform’s blockchain. One crucial factor included in the governance document is producing concrete plans/ policies that will advance the community goals. It’s a move that will help Zcash strengthen its grip of the altcoin market and also be positive for the price of ZEC.
So far, the entire market has show bullish sentiment leading us to believe we are in a bull market. Its the perfect time for investors to add some ZEC to their portfolio’s after the slight pullback we have seen over the past two weeks as the market prepares to rally again.