ZCash price analysis: ZEC/USD consolidates losses as Coincheck announces ZCash delisting

Japanese crypto exchange cracks down on privacy-focused coins.
ZEC/USD is sitting at $346 with the downside bias.

Tanya Abrosimova Independent Analyst

ZCash (ZEC) is trading in a narrow range close to $346. The coin touched $381 on Friday, but the upside was not sustainable as the price quickly retraced the gains and dropped back below 200-DMA at $362.

The downside might have been triggered by the news that the Japanese cryptocurrency exchange Coincheck planned to delist privacy-focused coins, including Dash, Monero, and ZCash. According to the official statement published on the company's website, the decision came amid the instructions from Financial Services Agency (FSA) to enhance business processes and take additional measures to prevent money laundering.

Delisting is scheduled on June 16. Users are urged to remove the delisted coins from their accounts until the specified deadline.

While Zcash managed to recover from Sunday low registered at $336, the coin is still under pressure. Significantly reduced trading volumes (from $225M on Friday to $121M today) confirms the exodus from the coin that showed s spectacular growth at the beginning of May.

Technically, ZEC/USD is supported by $300 (100-DMA comes marginally below this level). Once it is broken, the sell-off may be extended towards $264 (50-DMA), that's where fresh buying interest is likely to appear. On the upside, the first resistance is registered at May 15 high of $384. It is followed by psychological $400 and $455.

ZEC/USD, the daily chart

Author

Tanya Abrosimova

Independent Analyst

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