Zcash Provides Privacy Protection in the Crypto Sector
Its native token ZEC is down 22% in one week
The native token of Zcash remains bearish as the price broke below key support levels.
The advent of crypto promised one thing for the financial ecosystem. Ability to protect users’ anonymity when transacting on different networks. It then follows that privacy protocols like Zcash ZEC/USD had a place in the crypto sphere.
Zcash is a privacy-focused blockchain network. The protocol originated from the bitcoin network in 2016. Zcash offers two types of addresses, which are transparent addresses and shielded addresses. Transparent addresses are publicly visible on the network. Shielded addresses are more private. Furthermore, Zcash uses zero-knowledge proofs to make the contents of transactions private.
After Exponential 2021, the price of Zcash crashed this year. The token is currently trading at $54, despite being above $300 in November 2021. Zcash is down 18% in the last 7 days. The decline in crypto is across the board. Zcash’s decline shows that privacy coins still have cover to cover.
Zcash maintains a bearish momentum to no end
Source – TradingView
Technically, Zcash remains in a bear market. The price declined below the key $84 support level, which strengthened the case for the bears. Another minor support of $58 was also broken, and the crypto token is turning lower.
Technical indicators also suggest that the bear market is strong for Zcash. Both the 14-day and 21-day moving averages remain above the price. This suggests an unexpected bullish reversal in the short and medium term. The MACD indicator also remains in a bearish zone. We expect a further drop in Zcash.
Zcash is a privacy-focused network. Its native coin has crashed this year and is down 22% in a week. The crypto-token will remain bearish in the short and medium term.