Zcash Price Analysis: The Coin Is Slowly Gaining Its Previous Value, Though, The Short Term Remains Bearish

The Zcash Foundation has recently released a protocol of governance, which is a step towards decentralization of the blockchain. Some important points of the governance document include striking the right balance between deliberation and action, juggling the concerns of various stakeholders and user community and producing various concrete plans or policies which will advance the community’s goals.

Current Statistics of Zcash:

• On July 04, at UTC 11:06, Zcash is trading with the price of $103.
• With a return on investment of -97.61%, the market capitalization of the crypto is 706,369,381 USD.
• The Circulating Supply of the coin presently is 6,894,981 ZEC.
• Zcash price (BTC) is 0.0088377 BTC per chip.
• Additionally, the last 24-hrs trading volume in the crypto was around 293,607,316 USD.
• Zcash is currently ranked ta 23^rd position in the crypto market.

ZEC to USD Price Comparison:

Let’s compare the price variation of Zcash (ZEC) in the span of the last 25-days. On June 09, the coin which was valued around 78.50 USD. Nevertheless, the coin has shown a lot of growth from there, and today it is trading with a hike of 31.21%. However, in weekly trading duration, the coin has gone down by 7.87% from the market price of $111.81 on June 28. On the contrary, yesterday was a good trading day for the altcoin, where it opened at 101.77 USD and with a hike of 4.47%, it wrapped the day at 106.32 USD.

Zcash Price Prediction:

The strengthening in Zcash has continued today as well. However, its price has declined a bit, at the time of writing. According to our ZEC Prediction, the altcoin will most probably be trading around $150 by the end of 2019. At present, the support level for the coin at $99.99 and, at the same time, the resistance level is at $108.097.

Conclusion:

The new governance protocol might help in strengthening the market grip of the altcoin. However, there is a lot of competition in that space, and staying ahead of other is the only way to stay relevant. As of now, Zcash Foundation has done a good job of keeping ZEC ahead of the competition.