(Updated May 5, 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.
Read our full coverage of the ZCash listing on Coinbase Pro in late 2018. Or, if you’re interested in acquiring ZEC, you can read about how to mine it in our guide here.
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 TradingView Analysis Updated May 5, 2020
ZEC / BTC DAILY SHORT EDIT by Marcelvv on TradingView.com
The analyst says that ZEC is holding strong. The coin is moving inside the channel with good reaction of the channel support and big volume injection after BTC pump, which is a good sign, and looks set to go higher. On the chart you will find some short term targets, but keep in mind, BTC affects all altcoins.
Don’t miss the great buy opportunity in ZECBTC by ForecastCity on TradingView.com
The analyst offers the following trading suggestion; there is a possibility of temporary retracement to suggested support line (0.0057). if so, traders can set orders based on price action which is expected to reach short-term targets.
. ZECBTC is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 68.
TP1= @ 0.00736
TP2= @ 0.00987
TP3= @ 0.01258
SL= Break below S2
My Current View For Zcash (Chart Mapped) by alanmasters on TradingView.com
The analyst says that we have bullish indicators and prices challenging resistance.
The immediate resistance is now EMA200 (0.005663). Thus, ZECBTC will continue to push up until this level breaks.
If not enough momentum can be gathered, prices will retrace before the next try.
We remain bullish even if prices drop below support.
We expect a strong bounce after if such a scenario comes to pass (blue arrow).
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.
Want to read more? Read our coverage of the ZCash listing on Coinbase Pro in late 2018. Or, if you’re interested in acquiring ZEC, you can read about how to mine it in our guide here.