Even though this past weekend seemed to have a relatively positive impact on the ZCash price, things have taken a slight turn for the worse. There is no reason to panic just yet, but maintaining the $125 level will be an ongoing struggle, by the look of things. The recent positive developments should take care of that aspect with relative ease.
ZCash Price Hits a Small Roadblock
It is not uncommon for cryptocurrencies to face a small setback after some solid gains. For ZCash, reaching $125 seems to have triggered a lot of market opposition, even though the real resistance sits near the $130 level right now. There is plenty of reason to be excited where ZEC is concerned. Some interesting developments are taking place within this ecosystem right now, all of which might have a positive impact on the price moving forward.
Over the past 24 hours, the ZEC value has faced a minor setback in both the USD and BTC departments. Neither change is really significant, even though they push the ZCash price just below $125 again. It appears this will only be a temporary development, albeit it will primarily depend on how Bitcoin’s price evolves in the coming hours. Ongoing bearish pressure on that market will usually send asset spiraling downward as well.
The ZCash Sapling upgrade has a lot of people excited, for obvious reasons. Boston Zcash users even organized a Meetup to send the first Sapling shielded transaction on the network. It is a good way of getting people excited about this specific technology and what it means for the ZCash ecosystem as a whole.
Be the first to send a #Sapling🌿 shielded transaction at our activation party and earn this snazzy #Zcash lapel pin! 🎉🦓
RSVP: https://t.co/lWDGK2wjvY pic.twitter.com/ZoFKe8FKPi
— Boston Zcash 🛡️ (@BostonZcash) October 22, 2018
In even more positive news, it would appear deVere Crypto has integrated support for two additional cryptocurrencies. One of those currencies is Zcash, whereas the other is Ethereum Classic. More exposure for ZCash is always a good thing, as it might get more people excited about the project and its underpinning technology. How this will impact the price, remains to be determined at this stage.
https://twitter.com/deverecrypto/status/1054269051114057728
From a technical analysis point of view, it appears things are coming together nicely for ZEC. Sherlock Crypto seems to confirm there is both short-term and long-term market potential for this altcoin. The indicators are lining up nicely, and an extended bull run may go into effect sooner rather than later. For the time being, this small dip should not cause any major disruption where this trend is concerned.
Any #Zcash fan here ? I think $ZEC has very big potential in long term, now I see a short term opportunity also. It's on up trend since last weeek, I belive it will continue it's run. Good luck all ! pic.twitter.com/BFayRelzyx
— Only GALA (@onlygala_x) October 22, 2018
With all of these positive developments taking place, it seems to be a matter of time until the ZCash price goes through another leg upward. Bitcoin is currently dragging all altcoins down a bit, which is a very big problem first and foremost. Unfortunately, it isn’t something one can shrug off that easily, as all markets are linked to Bitcoin in different ways.