Zcash (ZEC) is one of the rare projects that would survive the crypto purge

Zcash price has been continually trekking on the path of mediocrity as of late. It reached the monthly BTC highs of 0.02977460 BTC when Coinbase announced that it will be looking into the coin as a possible portfolio addition. The USD highs came a while later, on 26th, when one Zcash coin went for a price of 228.27 USD. August has been a similar month as we saw the USD value continually drop, with BTC staying relatively stable up until a couple of days ago.

Both values plummeted somewhat today and one Zcash coin can currently be purchased for 142.24 USD (a jump of 2.17% in the last 24 hours)/0.02207929 BTC (a rise of 0.73% in the last 24 hours). The daily trade volume remains high, with 15,431 BTC worth of trading going on today, with LBank and Huobi being responsible for almost 60% of that. Coin’s market cap sits at 652,209,758 USD, making Zcash the 19th most valuable currency in the world.

CryptoMedication from TradingView provided a rather substantial analysis of the coins technicals:

“As you can see from the picture above, the price has been getting throttled as of recent. However, more importantly, the price is nudging right up against a really solid support for Zcash. Now, if the support can hold and the price bounces from here, then the gains will more than likely be decent. However, if the support breaks, that’s probably going to be a problem.”

After this, he adds that RSI and EMA indicators look rather bullish (except the fact that the EMA-50>EMA-26>EMA-12). He concludes his analysis with a rather neutral prediction:

“The price doesn’t seem to really be responding to any fundamental news surrounding Zcash. And based on those technicals, it’s almost impossible to make a serious inference about the price action of $ZCash until we observe the price either bounce or fall below the support point that it is at currently.” You can check out his full analysis here.

The project released a weekly update aimed at providing its community with the latest details about the project. According to this publication, work is being done on the 2.0.0 client release, Sapling, website rebranding and creating more community meetups. ZEC team confirmed that the 2.0.0 release that was scheduled for release on August 13th might end up being delayed; at the time of writing, there is mention of Zcash 2.0.0 on the teams github but nothing has been published on their release blog.

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The team also attended the Decentralized Web Summit hosted by the Internet Archive. They also announced their plans to visit the RustConf in Portland, an event that Zcash Company will be sponsoring and having a booth at. Finally, in line with their “expanded community outreach”, the company will hold a meetup the evening before the conference, where people will get to hang out and talk about using Rust for blockchain development.

At the moment, there are no further updates from the team. They are currently focusing on that upcoming 2.0.0 release, with mentioned work on the website GUI, Sappling, zkSNARKs in the background. One final interesting tidbit of information could be the fact that Vitalik himself recently sort-of praised the coin. For now, the community awaits 2.0.0 client and hopes that something will be done about the ASIC mining ruining everyone’s profits. When asked by a Twitter user if he comments on coins other than ETH, Vitalik responded with the following tweet:

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Dobrica Blagojevic
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