Zcash [ZEC] drowns despite new Coinbase listing: Technical Analysis
The cryptocurrency market sloped down on Thursday, with most major altcoins trading with bearish momentum. Zcash has also toppled and is currently trading below its newly formed support. As the sellers took over the market over the day, the coin could not recover from the depths and continued with the downward trajectory. In the last few days, the crypto market has experienced constant fluctuation with an inclination towards downward spiral. The new listing of Zcash [ZEC] in Coinbase platform could not save it much as the coin plunged nearly 21% in the last seven days while in just one month, the token has plummeted almost 50%.
The MACD, at the time of writing, exhibits that the digital asset has sunk into the bearish zone. The 100 EMA line clearly indicates that the coin is in a downtrend. A new support level is seen to be formed at $66.39 and currently, virtual asset is trading below the mark.
The hourly RSI indicator was noted at 35.9, which suggests that the cryptocurrency is steadily advancing towards the oversold level due to extreme selling pressure in the market. As per CoinMarketCap data, the total market cap of the virtual currency stands at $351.71 million. The token has tumbled almost 9.47% against the U.S. dollar to be currently valued at $65.28.
At the time of writing, the coin had toppled 6.85% against Bitcoin [BTC]. Currently, one ZEC is valued at around 0.01727760 BTC.
Zcash [ZEC] Latest Updates
After the success of the previous upgrade “Sapling”, the Zcash Company has recently announced its next protocol upgrade known as “Zcash Blossom”. For this, engineers from the company will design and implement the new upgrade and they will also facilitate the adoption of a shielded standard within the ecosystem. These two strategies will remain the main priorities for the company in 2019.