Zcash soars as ZEC appears on Coinbase app: Technical Analysis
The cryptocurrency market started the week in a sharp decline, with its collective market cap falling to a dismal low of $120 billion. Now, it seems as though the tide has turned. Major coins are trading with bullish momentum after weeks of bearish onslaught. For many, this upswing is seen as a stabilizing effect, restoring coins to earlier price levels. However, Zcash [ZEC] is currently posting double-digit gains as the community speculates that the coin could have major announcement to make soon.
Many crypto users began circulating screenshots of a Zcash page on the Coinbase app, which they believe could be a precursor to coin’s listing on the platform. Earlier in the year, Coinbase had said in a blog post that it was exploring the addition of five cryptos to its services. Zcash was included in the list and the sudden appearance of ZEC on Coinbase’s app have fueled speculations that the listing could happen any day now.
Given below is a screenshot of the Coinbase app showing a Zcash page:
The coin experienced a break out from its key resistance level, noted at $70.18, after which a new resistance began to form at $78.72. The MACD points to a bullish swing that began in the latter half of Tuesday, while the 100 EMA line indicates that the crypto is enjoying an uptrend. The hourly RSI indicator currently stands at 62.59, which suggests that the token is attracting increased buying interest. The digital asset is exhibiting a trading range of $74-$80.55, with ZEC hovering to the lower extreme. At press time, the coin had surged 14.7% against the U.S. dollar and was priced at $76.12.
The virtual currency has climbed 7.8% against a rising Bitcoin [BTC]. Currently, one ZEC is priced at 0.01881198 BTC.
The market cap of Zcash plummeted to its lowest in a year over the weekend, with a market cap of $322.4 million – much lower than its November high of $715.7 million. The market cap began picking up late on Monday and has continued its rise into Wednesday. As of 2200 UTC on Monday, its market cap was valued at $333.7 million, after which it rose by a whopping 24.7% to reach $416 million in just over 24 hours. The market cap has mildly declined since and at press time, it was valued at $403.6 million.