2019-1-11 12:22 |
Considering how all of the top cryptocurrencies are still subject to a lot of bearish pressure, there are some questions as to what the coming weekend will offer. Some currencies are trying to buck the trend with varying degrees of success. ZCash seems to be on the right track to do exactly that, although its USD and BTC gains are not necessarily sustainable for more than a few hours on end.
Will the ZCash Price Surge Remain in Place?It is always interesting to see some currencies, tokens, or assets try to buck the overall negative trend. That is a monumental task, especially when considering how there is a good chance such momentum may not remain in place for very long. In the case of ZCash, there have been small but solid USD and BTC gains in the past few hours, although there is a fair bit of market opposition as well at this time. That may prove to result in interesting price action.
Over the past 24 hours, the ZCash price has risen by 2.4% in USD value. One ZEC is currently priced at $58,26, although a surge to $60 might not necessarily happen in the near future either. The more impressive development is how the ZEC/BTC ratio has improved by over 6.2%, as one ZEC is valued at 0.0157 BTC again. Sustaining growth in either segment will prove rather difficult first and foremost, primarily because the overall trend is not promising in the slightest.
On social media, there is some interesting sentiment regarding ZCash as of right now. MegaRekt confirms ZEC is still in an ongoing downtrend – as it has been for the past year – yet this user seemingly can’t stop buying it. That is never a good sign by any means, as it indicates the financial losses are piling up fairly quickly at this rate. Diversification is key in the cryptocurrency world.
#ZEC is in a apparently neverending downtrend, still I want to buy more, wtf lol
— MegaRekt (@deusexcrypto) January 10, 2019
When looking at the ZCash price momentum from a technical momentum, it seems there are a few possible scenarios which can play out in the coming hours. Either the ZEC/BTC ratio will improve further due to being oversold on the daily, or the market will fall apart. That latter scenario would see the ZCash price drop as low as $33, which would signal a massive retrace first and foremost.
sweet setups all around for a #ZEC punt, oversold against BTC on the daily pic.twitter.com/b5pxenJMTq
— Bitjieff [Cash] (@TradesHigh) January 11, 2019
As is usually the case when a cryptocurrency or asset bucks the overall market trend, there is a good chance an arbitrage opportunity will present itself. For Zcash, there is some good money to be made by flipping ZEC between Bittrex and Bitfinex. Traders can expect a potential gain of 2.7%, which is more than acceptable profit under the current market circumstances.
#ZEC
Buy at #Bittrex and sell at #Bitfinex. Ratio: 2.70%#bitcoin #arbitrage #arbitraj #arbingtool https://t.co/xiFUPzcOcC
— Arbing Tool (@ArbingTool) January 10, 2019
Assuming the ZCash trading volume remains near its current level, there is a pretty interesting future ahead for this altcoin during the weekend. Considering how there is some bearish pressure on this market as well, none of the current gains may be sustained for a lengthy period. Even so, there is still a chance things will improve further over the coming days and weeks, although that will mainly rely on Bitcoin first and foremost.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
Image(s): Shutterstock.com
The post ZCash Price Displays Bullish Signs Despite Bearish Market Trend appeared first on NullTX.
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