One of the best ways to make money in crypto is to invest in coins that have some good news coming up. Some of the news that tend to drive up crypto prices are those related to exchange listings. In most cases, any time there are news of a new exchange listing, prices to tend to go up. ZCash is in the middle of such news at the moment. Today, ZCash will start trading on the Gemini exchange, and it this is highly anticipated by investors.
ZCash volumes are up at the moment, which is a good indicator that ZCash might rise in price as the day progresses. The excitement around this listing comes from the fact that Gemini is not just an ordinary exchange, it is backed by the Winklevoss twins, two of the most important personalities in cypto space. In essence, the fact that they have chosen to list it, sends a message to investors that influential people in crypto believe in ZCash (ZEC).
Another factor that will drive ZCash in the near future, is the announcement by Lazy Pyramid, an online retail company, that they will be accepting payments in ZCash. While Lazy Pyramid is not that big, and news related to it don’t have as big an impact as Amazon or any of the other top online retailers, it is still exciting news. That’s because it is a pointer to the future potential of ZCash in the online retails space.
So what can we expect from ZCash (ZEC) in the next few days? Well, looking at the day charts, ZCash is trading in a range between the 200 and the 100 day moving averages, with the 200-day moving average offering resistance. This is indicative of a consolidation phase, before a major breakout. Once ZCash breaks above the 200-day moving average at the $362 price level, we are likely to see an upward surge towards the $400 price level, which is another area of major resistance. A break above this level could see ZCash get to around $500, though that’s a more long-term projection.
While ZCash can also break to the downside, chances of this happening are quite minimal. That’s because 2 days ago, one of Japan’s biggest exchange’s Coincheck decided to delist privacy coins including ZCash. However, even after this event, the value of ZCash didn’t drop. That’s an indicator that investors strongly believe in this coin. The privacy market is one is growing in importance now that government regulation is increasingly becoming a part of the crypto market.
For instance, a few days ago, Bitfinex announced that they will be requiring client information for tax purposes. This is likely to drive more volumes towards privacy coins. Given that ZCash (ZEC) is one of the better-known privacy coins in the market, its market share is guaranteed to keep growing going into the future. Its definitely one of the best cryptos to watch at the moment. The fundamentals are just right!