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.
— Boston Zcash Users (@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.
deVere Crypto are proud to announce Ethereum Classic (ETC) and ZCash (ZEC) are now available on the app.
Download deVere Crypto for and get 15 XRP FREE using connect code SM100 #bitcoin #exchange #cryptocurrency #btc #litecoin #ethereum #ripple #xrp #dash #crypto #etc #zcash #zec pic.twitter.com/HhymsWw3Gx
— deVere Crypto (@deverecrypto) October 22, 2018
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
— Sherlock Crypto (@sherlockbilir) 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.
Bitcoin could hit $62k by end of October, claims trader
As Bitcoin (BTC) is testing new resistance levels above $9000, one trader has pointed out that the momentum could be even stronger than it looks. If a pattern from 2017 is anything to go by, the top crypto could rise well above its all-time high.
Crypto trader Galaxy (@GalaxyBTC) pointed out that the week preceding today has seen a similar candle set-up to one that occurred back in 2017, when the last big bull run was building up steam.
After that week’s price action, BTC then saw a price increase of 570 percent. This happened over the course of 147 days, just under 5 months. If this pattern happens again in the same way, BTC will be trading at around $62,000 by the end of October.
Opinions about this prediction on Twitter were divided. Some agreed with the assessment, with one observer pointed out that they made a similarly bullish claim not long ago. Others questioned the analysis, and suggested that the user was just making outlandish predictions to get followers.
Bitcoin: Third coming of the green Super Guppy buoys bulls as price consolidates over $9,000
Bitcoin broke out of its sluggish blues by breaking the $9,000 mark for the first time in 13 months, earlier this week. With several analysts pegging the rise of Bitcoin to be a consequence of the Facebook Libra pump, a more wholesome look at the charts indicates a more consolidated rally, rather than a myopic push.
A recent piece of analysis by Josh Rager, a cryptocurrency analyst and advisor for Token Bacon and Level Invest, revealed that the Bitcoin market was primed for an upswing that will mirror previous bullish rallies of 2012 and 2016. Facebook might have been the catalyst to push the market out of the June slump, but Libra cannot prolong the high, and by the looks of it, the market is likely to march forward on its own.
The Super Guppy indicator which indicates trader behavior based on sets of moving averages, has flipped from red to green on the weekly Bitcoin chart, indicating a sustained bullish swing to the market. As mentioned previously, this is the third coming of the green-switch on the weekly BTC chart; the first two saw the price of the cryptocurrency surge to $1,000 and then to nearly $20,000.
Rager posited the historical price movements of the cryptocurrency based on the first two occasions of the Super Guppy indicator flipping green. With reference to the recent flip, he stated that the market is likely to be “bountiful,” for “the next few years,” given the manifestation of the “flip,” in the month of June 2019.
His full tweet read,
It’s finally here…
The Bitcoin Super Guppy has flipped green on the 1-week chart
2012: 400-day uptrend followed a flip green
2016: 700-day uptrend followed a flip green
2019: the 1W Super Guppy has finally flipped green and it shall be a bountiful market the next few years pic.twitter.com/6zAn1qgtBy
— Josh Rager (@Josh_Rager) June 18, 2019
The price of the top cryptocurrency in the market has been on a rollercoaster ride since the beginning of April 2019. With the breach of the 200-day Moving Average on April 2, Bitcoin’s price took a turn for the better, which according to Fundstrat’s Thomas Lee, was the key trigger to the bullish market. Further, the king coin’s “Golden Cross” was realized in April, something that had previously taken the coin to an unprecedented high in December 2017, before switching to a “Death Cross” last year.
At a time when the likes of Fidelity, Facebook, and JP Morgan are veering towards the cryptocurrency market on the big-name side and at time when Bitcoin is trading within the Golden Cross and its Super Guppy has flipped green, the price can only consolidate from this point on and move higher.
Bitcoin (BTC/USD) forecast and analysis on June 18, 2019
Cryptocurrency Bitcoin (BTC/USD) is trading at 9096. Cryptocurrency quotes are trading above the moving average with a period of 55. This indicates a bullish trend on Bitcoin. At the moment, cryptocurrency quotes are moving near the upper border of the Bollinger Bands indicator.
Bitcoin (BTC/USD) forecast and analysis on June 18, 2019
As part of the Bitcoin exchange rate forecast, the test level of 8950 is expected. Where should we expect an attempt to continue BTC/USD growth and further development of the upward trend. The purpose of this movement is the area near the level of 9820. The conservative area for buying of Bitcoin is located near the lower border of the Bollinger Bands indicator bars at the level of 8050.
Cancellation of the option to continue the growth rate of Bitcoin will be the breakdown of the lower border of the Bollinger Bands indicator. As well as the moving average with a period of 55 and closing of quotations of the pair below the 8020 area. This will indicate a change in the current trend in favor of a bearish for BTC/USD. In case of a breakdown of the upper border of the Bollinger Bands indicator bars, one should expect an acceleration of the fall of the cryptocurrency.
Bitcoin (BTC/USD) forecast and analysis on June 18, 2019 implies a test level of 8950. Further growth is expected to continue to the area above the level of 9820. The conservative area for buying Bitcoin is located area of 8050. Cancellation of the growth option of cryptocurrency will be a breakdown of the level of 8020. In this case, we can expect further the fall.