Bitcoin
BTC$23 413.14

-1.75%

Ethereum
ETH$1 845.31

-2.60%

Tether
USDT$1.000076

0%

USD Coin
USDC$1.000023

0.03%

Binance Coin
BNB$307.60

-2.68%

XRP
XRP$0.375266

-0.85%

ZCash Price Prediction: Surviving a pullback


February 2020

We certainly can't underestimate the value of ZCash and other privacy coins as a representation of one of the major concepts behind cryptocurrencies - complete anonymity with regard to monetary transactions. ZEC get such recognition by being ranked 27th among thousands of other cryptographic currencies and having a market capitalization of $421 million, as of the time of writing. But ZCash has proven to be the coin that is capable of generating profits for cryptocurrency traders, though last year hasn’t been overly successful, partly due to the stance that authorities, mainly the ones in Great Britain, have towards privacy coins and ZEC in particular.

AML regulations as a scourge for privacy coins


It’s not a secret that regulators are not very fond of cryptocurrencies since those are poised to diminish their ability to control the flow of money within the population. Needless to say that privacy coins constitute the most significant threat for governmental institutions who use the so-called Anti-Money Laundering regulation to apply pressure on crypto in general, and ZCash in particular. For instance, the British Financial Conduct Authority (FCA) announced the toughening of corresponding regulation for the purpose of deanonymizing transactions by means of cryptocurrencies.

The Revenue & Customs Service (HMRC) created a Cybercrime task force whose task would be to gather and analyze data that could facilitate tracking the flow of money that occurs through privacy coins. The elevated attention towards cryptocurrencies was probably instigated by the prospects of Libra emergence, but, nevertheless, it’s a sure sign that ZCash, as well as traders who are holding that coin in their portfolios, should brace themselves for the attack in 2020. Obviously, the war on anonymity would make the price of ZEC a collateral victim, a notion that should definitely be considered when trading cryptocurrencies and ZCash in 2020.

The last 30 days have probably been the most fruitful for ZCash over a relatively long period of time. Having nothing to show for in 2019 as ZEC had negative results against all three major cryptocurrencies:- 7% against the USD, - 60% in comparison to Bitcoin and - 32% against Ethereum, the coin had demonstrated a strong price growth in January (75% growth in ZEC/USDT pair) before it was caught in a pullback. Now, traders are wondering whether it is time to short ZCash or take a long position.

The daily ZEC/USDT chart can’t provide a straight answer to that question at that point since the price has just begun breathing out after a swift but tiresome rally that lifted the coin value from $26.75 to $66 in just under two weeks time.    

1-day ZEC/USDT chart

The sharp price action in January has also marked a power move that helped ZEC leave the falling trend corridor that formed over the course of the correction of the second half of 2019.

4-hour ZEC/USDT chart

Looking at the 4-hour chart, ZEC is currently moving along the support line at $48.3, having tested it on numerous occasions and held firmly, showcasing the potential for another move to the upside. This maneuver could happen soon as the price is slowly moving into a Bollinger Band squeeze, a harbinger of future volatility. The 14-day RSI shows ZCash to be close to the oversold area, also hinting at affirmative price action.

All in all, ZEC is currently geared for another move in the region of $60 - $65, though that could be its maximum for the first quarter of 2019.

Author: Alex Paulson for Crypto-Rating.com

Related

ZCash (ZEC): Sellers Are Pushing Back Amid the Uncertain Future
ZCash (ZEC): Sellers Are Pushing Back Amid the Uncertain Future
ZCash (ZEC) Continues Going Through the Pullback
ZCash (ZEC) Continues Going Through the Pullback
Zcash (ZEC) Remains Moderately Bullish
Zcash (ZEC) Remains Moderately Bullish
ZCash (ZEC) Lacks Vitality to Break the Resistance
ZCash (ZEC) Lacks Vitality to Break the Resistance
ZCash - Gearing Up for New Price Heights
ZCash - Gearing Up for New Price Heights
ZCash: Far Away from Downtrend Reversal
ZCash: Far Away from Downtrend Reversal
ZCash (ZEC): Recent Gains Are in Danger
ZCash (ZEC): Recent Gains Are in Danger
Zcash (ZEC) Price Prediction for 2020
Zcash (ZEC) Price Prediction for 2020
Zcash Price Forecast for November 2019
Zcash Price Forecast for November 2019

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 88.8% 13 $23 413.14 -1.75% -4.18% $447 764 695 466 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 68.4% 57 $1 845.31 -2.60% -1.73% $225 145 169 054 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92% 1 $1.000076 0% -0.03% $67 571 079 284 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 94.8% 1 $1.000023 0.03% 0% $53 165 653 780 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 66% 64 $307.60 -2.68% -6.84% $49 626 608 205 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 92% 11 $0.375266 -0.85% -1.33% $18 529 753 729 XRP 7 days price change
7 Cardano (ADA) ADA Cardano predictions 79.6% 30 $0.539617 -3.37% 0.14% $18 311 373 252 ADA 7 days price change
8 Binance USD (BUSD) BUSD Binance USD predictions 94% 1 $1.000284 0.07% 0.03% $18 290 625 677 BUSD 7 days price change
9 Solana (SOL) SOL Solana predictions 78% 33 $40.93 -5.16% -7.86% $14 278 599 462 SOL 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 83.2% 28 $0.081309 -3.94% 13.97% $10 787 373 078 DOGE 7 days price change
11 Lido stETH (STETH) STETH Lido stETH predictions 92.4% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
12 HEX (HEX) HEX HEX predictions 68% 66 $0.058800 -4.07% -5.94% $10 196 581 754 HEX 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 72.4% 54 $8.49 -3.98% -9.51% $9 404 789 562 DOT 7 days price change
14 SHIBA INU (SHIB) SHIB SHIBA INU predictions 78% 45 $0.000015 -5.46% 20.74% $8 193 283 954 SHIB 7 days price change
15 Avalanche (AVAX) AVAX Avalanche predictions 69.6% 63 $25.90 -5.15% -12.32% $7 381 113 738 AVAX 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.