Zcash to provide holders more privacy features, putting ZEC price in the spotlight for a 25% upswing
|- Zcash collaborates with THORChain to offer new privacy features to its users.
- The direct access pools will see users transact with spot Zcash in DeFi.
- Zcash is trading above an ascending triangle pattern with a breakout target of $174.
Zcash is looking forward to a revolutionary integration with THORChain to see its users access more privacy features. The network has over the years grown to become one of the go-to cryptocurrency projects when seeking anonymity.
Zcash to offer direct access to shielded pools
Users seeking privacy while carrying out transactions have been looking for ways to store wealth. In other words, the ability to bypass the need for a centralized operator. On the brighter side, the new Zcash update will allow investors access to shielded pools using a gateway into the blockchain ecosystem.
To put this into perspective, Zcash wrote in one of its community forums that integration “would provide the ability to transact with spot Zcash in DeFi, while interacting directly with the shielded pool.”
Zcash is nurturing a 25% upswing
ZEC recently broke out of an ascending triangle pattern, as illustrated on the 1-hour chart. The pattern is bullish and forms after a significant price drop. Period of consolidation is experienced amid low trading volume.
A triangle hypotenuse connects the ascending troughs while the x-axis links a series of relatively equal peals. A breakout is expected after the price crosses above the x-axis. The upswing is usually characterized by increased volume and heads to a precise target, like 25% for ZEC.
ZEC/USD 4-hour chart
It is worth mentioning that the resistance at $160 could still jeopardize the potential spike to $174. Moreover, losses continue under $150, Zcash will be forced to seek refuge at the x-axis. Here, a recovery could ensue, but if overhead pressure mounts, the privacy coin could tumble toward $120.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.