Zcash Price Up By 10.47% – Time to Buy ZEC Coin?

Zcash is among a small number of crypto protocols that aim to ensure that blockchain transactions between transacting parties remain anonymous.
Although not as popular as large-cap crypto, Zcash has shot up 10.47% in value, triggering a rush from several investors looking to buy ZEC. This article discusses the technical and fundamental analysis of the crypto asset.

ZEC: Strengthening Market Position

Sitting on the 67th most valuable crypto asset spot, Zcash has a 0.07% market dominance. The privacy-focused blockchain protocol has surged 10.47% in the last 24 hours, causing its price to hit $11.91. ZEC currently trades at $141.6 and features a 15.01% gain in the past seven days.

The digital asset’s return on investment (ROI) is impressive, given that it previously closed at a 24-hour high of $145.34. Such a high price peg shows more potential for growth and why investors should buy ZEC now.

However, while several crypto protocols posted record highs this year, Zcash had its watershed moment in 2016 when it surged to a record of $3,191.93. It soon lost more than 90% of its value following a massive price slump in the 2018 bearish crypto market. Since then, the privacy token has not been able to reclaim its previous record high and has only posted a 52-week high of $318.92 on May 7.

Given its strong rally in the past week, ZEC may be on course to reclaim some of its gains once more.

ZEC Technical And Fundamental Analysis

While the bullish momentum has slowed down on top crypto bigwigs, it is picking up steam on ZEC price action. On the technical chart, ZEC is soaring above the 20-day moving average (MA) support price of $121.9. The 9-day MA price of $125.8 is also bullish as investors buy ZEC in the short term

Looking at the 200-day MA indicator gives us a clearer view of the digital currency’s performance. ZEC is trading well below the 200-day MA price of $155.7. However, continued bullish propulsion could see ZEC resistance at $160 while finding support at the $150 range.

The relative strength index (RSI) figure of 64.87 shows that interest in the digital asset is at an all-time high (ATH) and points to more bullish momentum. The moving average convergence and divergence (MACD) indicators are laid-back as the green trendline battles to gain superiority over the sell signal. For the time being, the buy signal shows a strong push for the uptrend and makes a strong case to buy ZEC for the long term.

In the aspect of fundamentals, Zcash has a few positives going for it. However, the digital asset has rallied in a bearish temperate.

@zcashomg has just approved a grant set to develop a set of open-source modular components and libraries for #Zcash apps to use, including a minimal payment processor, compatible with BTCPayServer/BitPay API. More details on the grant and project here: https://t.co/yNj8HzoqCf

— Zcash Foundation (@ZcashFoundation) October 13, 2021

In a tweet, the Zcash Foundation announced the launch of a grant to develop open-source modular components and libraries for Zcash apps. This will incorporate the building of a minimal payment processor compatible with BTC PayServer and BitPay API.

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