Given all of the uneasy momentum surrounding different cryptocurrencies, it is evident the future is rather uncertain. In the case of ZCash, its value dropped from over $120 all the way to $63 in pretty quick succession. A healthy rebound is forming as of right now, primarily because the altcoin has noted a massive influx of overall trading volume.
ZCash Price Claws Back
It has been a while since people last discussed the Zcash price in a positive manner. Similar to most other currencies, this altcoin has seen its fair share of setbacks throughout 2018. This has pushed the price down from its all-time high to a more manageable level at $125. Unfortunately, that level could not be sustained either.
In the past few hours, however, there has been a notable ZCash price increase. Following a 10% increase in USD value and a similar gain in BTC value, one ZEC is currently valued at just over $71 again. This is still a pretty low value, but the current trading volume may help move things along rather swiftly.
Looking across social media, it seems Zcash is subject to a buy signal on the Gemini exchange in its USD pair. Although these types of Twitter feeds are usually not the indication most people are looking for, some good money can be made regardless. It seems Travas Inc expects a higher Zcash rice moving forward, albeit they do not specify a particular target.
Daily Top Performing Bot
Local Min (21) – Buy at lowest price from previous 21 time frames
Local Max (21) – Sell at highest price from previous 21 time frames
5M#cryptocurrency #ZEC #Zcash #bitcoin #bots pic.twitter.com/r38UoEqKY6
— Travas Inc (@TravasResearch) November 27, 2018
A similar statement is echoed by K.i.t.t. crypto alerts. Their feed confirms ZEC/BTC has crossed the 14EMA on Binance, which is a signal of better things to come. Most altcoin uptrends originate from Binance these days, thus it is only normal people explore options in this department. How high the ZEC value will go, is anybody’s guess.
— k.i.t.t. crypto alerts (@kittalerts) November 27, 2018
Last but not least, The TIE confirms ZEC has some interesting social momentum brewing as of right now. There are simply more conversations on Twitter today, which seems to coincide with the current price trend. While that doesn’t necessarily mean this trend will remain in place for much longer, it is still an interesting indicator regardless.
#ZCash high price movement alert via https://t.co/xH0sQ054Sl #ZEC is up 5.38% in the last hour. Conversation levels around ZCash on Twitter are 13.55% higher than average. Nearly all tweets mentioning ZEC and privacy or transactions are positive today. pic.twitter.com/Qn4gRaeW5J
— The TIE (@TheTIEIO) November 27, 2018
For ZCash, it will be critical to turn $70 into a new support level prior to moving up further. Whether or not that is even remotely possible, is a different matter altogether. Speculators are chasing quick profits, and a 10% jump is more than sufficient to make most traders cash out pretty quickly. As such, this upswing may not last all that long.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.