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

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Cryptos enter buy zone

Bitcoin price has made a significant dip this week, dropping more than 11% and returning levels not trades since August 2021. Etheruem price hits new three-month lows, threatens a return to the $2,300 value area. XRP price looks determined to push lower to the $0.65 support zone before generating another bull run.

More Cryptocurrencies News

Loopring, NEAR and Harmony among the biggest losers as crypto bloodbath intensifies

Altcoins suffered double-digit losses in the recent crypto bloodbath. The recent spike in altcoin prices was followed by a correction for Loopring, Harmony and NEAR. The losses nursed by altcoins were accompanied by a wave of selling pressure across exchanges. 

More Cryptocurrencies News

Shiba Inu price set to crash by 70% as critical support weakens

Shiba Inu (SHIB) price continues to be controlled by bears after the dead-cat bounce in stock markets yesterday evening. With the Nasdaq closing sharply lower, giving up earlier gains, cryptocurrencies are being dragged into a selloff on its coattails, and bearish headwinds  persist. 

More Shiba Inu News

Crypto.com Price Prediction: CRO ready to return to $0.25

Crypto.com Coin (CRO) is withstanding the current market headwind not that great. It has already lost over 50% of its value from the highs, and CRO could be set to lose another 30% as essential support is being breached.

More Crypto.com News

Bitcoin: BTC may capitulate to $30,000

Bitcoin price has dropped considerably over the last three weeks. The recent downswing has made things worse for BTC and hints that a steep correction could be on its way.

Read full analysis