Zcash Price Awaits Direction Despite Arthur Hayes Favoring Its Privacy Model — But Why?
Zcash price is stagnant despite Arthur Hayes praising its privacy design, due to bearish technical indicators like EMA crossover and weak volume.Summary
Zcash (ZEC) price is currently moving sideways, failing to find clear direction despite a 600% gain over three months and recent endorsement from BitMEX co-founder Arthur Hayes. Hayes shifted his preference from Monero to Zcash, citing its progress in shielded transactions and cryptographic improvements, focusing on technology rather than market timing.
The lack of immediate price reaction is attributed to bearish technical signals. A 20-day Exponential Moving Average (EMA) is close to crossing below the 50-day EMA, signaling short-term selling pressure. Furthermore, On-Balance Volume (OBV) has weakened alongside price corrections, indicating a lack of strong buyer follow-through.
Key technical levels for the next move are defined: a daily close above $434 could signal buyers taking control, potentially targeting $516. Conversely, support lies at $371, with a break below leading toward $301. While Hayes' comments offer long-term confidence, traders are waiting for technical confirmation, such as the Chaikin Money Flow (CMF) indicator crossing above zero, before committing to a significant move.
(Source：BeInCrypto)