bullish

Bitcoin

when

Zcash

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/zcash-price-reaches-new-annual-high-2/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Zcash Price Reaches New Annual High</a> 
Zcash (ZEC) price continued its upward trend last week, reaching a new annual high on August 12 before its latest pullback. On that date, the privacy coin hit $45.45. This price marks not only ZEC’s highest level this year but also its peak since March 2023.
<h2 class="p1" style="text-align: justify" id="what-s-happening-with-zcash">What’s Happening with Zcash?</h2>
Zcash (ZEC) increased by approximately 45% over the last 30 days, becoming one of the best-performing altcoins in early August. On July 15, ZEC was trading at $28.54 but has seen significant growth since then. Analysts suggest this increase is not solely driven by buying pressure or general <a href="https://finance.coin-turk.com/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">market</a> interest. The fundamental factor behind the rise is speculation about Zcash’s potential transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS). Traditionally, ZEC has relied on a PoW algorithm similar to <a href="https://en.coin-turk.com/bitcoin-shows-signs-of-volatility-critical-levels-to-watch/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC).
However, on August 10, the project’s founder, Zooko Wilcox, hinted at a transition to PoS. Wilcox noted that the creation of new ZEC through PoW has contributed to downward price pressure over the years and that the recent upward trend has started to reverse.
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-380292 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/zcash.png" alt="" width="3190" height="1802">
Wilcox, in a statement on Medium, said that the transition to PoS aims to reduce the creation of new tokens, thereby alleviating downward pressure on ZEC’s price. The founder explained how PoS would positively impact the cryptocurrency’s value:
<blockquote>
 “It will allow people to stake their ZEC, thereby increasing demand for ZEC. Additionally, by locking staked ZEC, it will reduce the supply of ZEC.”
</blockquote>
Supporting the founder’s concerns about increasing supply, <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data</a> from Messari reveals that Zcash’s new issuances have risen to 157,000 tokens as of the date of this writing. On July 1, this figure had fallen below 70,000, indicating a sharp increase in circulating tokens.
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-380291 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/messari.webp" alt="" width="1326" height="796">
<h2 class="p1" style="text-align: justify" id="zec-chart-analysis">ZEC Chart Analysis</h2>
Technically, the daily chart reveals that ZEC’s price has been forming Lower Highs (LH) since July. This formation indicates strong support almost every time the price increases. Additionally, the Exponential Moving Average (EMA) provides more insight into ZEC’s trend. EMA is a technical indicator used to measure trend direction, and when the shorter EMA is positioned above the longer EMA, it indicates an uptrend, while the opposite signals a downtrend.
On July 14, the 20-day EMA (blue) crossed above the 50-day EMA (yellow), forming a golden cross. This pattern typically confirms a bullish outlook, strengthening ZEC’s upward momentum. The shorter EMA continues to outpace the longer one, indicating potential for further gains. If this trend continues, ZEC’s price could reach $46 in the short term.
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-380290 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/zcash-grafik.webp" alt="" width="2048" height="1157">
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/zcash-price-reaches-new-annual-high-2/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Zcash Price Reaches New Annual High</a></h5>
The post <a href="https://en.coin-turk.com/zcash-price-reaches-new-annual-high-2/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Zcash Price Reaches New Annual High</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.

Zcash Price Reaches New Annual High

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