Bullish Signals for ZEC: Can it Break the $32 Barrier?

In the past 24 hours, the ZEC has experienced a 0.76% increase. It is exchanging hands at $29.48 at the time of writing this article. It further reflects a rise of 0.145% in the last 7 days and a steep decline of 32.61% in the last 30 days. Despite the ongoing volatility of the crypto market, the token has largely fluctuated. Several factors influence it, such as rate-cut decisions, fluctuations in Bitcoin, and the likelihood of Donald Trump becoming the next US President. Also playing a crucial role is the aspect of privacy within the realms of cryptocurrency markets.

Community members speculate that Zcash will breach the $32 mark as soon as possible. Near-term projections negate the possibility of that happening in the next 30 days. Needless to say, a sudden change in circumstances can give a strong boost to ZEC at any time.

Experts predict that Zcash will trade at $28.45 within the next 5 days. The next 30 days could see the token exchange hands at $30.02. The decline will roughly translate to a fall of 2.15% from the current value, while the rise by the end of the 30-day timeline will come out to 3.22% from the current value. The ZEC price prediction projects that the token will end the year at $35. Alternatively, it could see a decline to $20. Attaining the higher mark will pave the way for the achievement of $50 by the end of the next year, i.e., 2025.

The 50-day SMA of ZEC is $34.22. This indicates a downtrend in the token’s value, potentially undervaluing its capabilities. It is likely that it will eventually regain its previous value as the market rebuilds the parts that were shattered during the August crash. Mixed signals come when one reviews the 200-day SMA, which stands at $27.69. Nevertheless, Zcash is poised for an upward trajectory in the times to come, given the sentiments the native community holds around it.

The prevailing volatility is 16.29%. It is currently on a higher note, in opposition to the market’s current trajectory. Bearish sentiments are being signaled to investors by the 14-day RSI, which is currently at 40.35.

Zcash has gained prominence because of its fundamental privacy principles. People often compare Zcash to Monero, but it still has a long way to go in terms of token value and market cap. ZEC remains one of the most promising privacy tokens in the world of cryptocurrencies.

The future outlook of Zcash is positive. The performance of BTC and ETH will have a significant impact on it. It is anticipated that Zcash will trade at $28.45 in the next five days, following which it is expected to increase in value.