ZCash Price Analysis: ZEC +8%, Gains Heading For $140? Sapling Update On The Way. Thursday, October 25th
Zcash Gains Heading For $140?
On another day of stagnant trading in cryptocurrency, there is only one gainer among the top twenty cryptocurrencies, and that is Zcash (ZEC). Currently, Zcash is up 8% on the day, bringing it back to its previous levels, making it currently flat for the month. However, we can expect even more gains in the next day or two as the network get prepared for a highly anticipated upgrade. Technical analysis, using Moving averages and Bollinger Bands and backed by sentiment measures show that Zcash may then be poised to reach the $140 range sooner than later.
ZEC/USD Price Chart, Thursday October 25th:
Driving Force Behind Zcash Gains
The momentum behind this upwards trend is due to the Sapling update activation on the Zcash blockchain that is to occur on 28th of October. The Sapling update will bring some very significant improvements in efficiency for shielded transactions. This will pave the way for a much broader adoption of Zcash shielded addresses for mobile, exchange and other vendors. This will include decoupled spend authority, keys and payments for shielded addresses.
Charlie Lee, founder of Litecoin, stated that changes like these are adding fungibility to coins like Zcash, providing them with the one thing Bitcoin does not have.
Potential massive Gains on the Way
As of now, the markets are showing that Zcash will continue on this upwards trend. With just more than 2 days before the update is set to take place, one may look to be on par with $140 by the time the update gets there. Of course, as with any activity on a blockchain, we can speculate that there will be some massive spikes on or about the time that the update actually takes place. The possibility for the price of Zcash to spike up near the $160 range is also being speculated. However, with any sudden spike there will be a price correction to expect. Will it hit hard or spare ZEC to let it find it's new stable ground on higher levels?
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