Zcash: the price rises by 8% thanks to the fork
Zcash: the price rises by 8% thanks to the fork

Zcash: the price rises by 8% thanks to the fork

By Federico Izzi - 18 Jul 2019

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Today it must be pointed out that the day shows a good reaction by the price of Zcash (ZEC), which in the coming hours will feature a hard fork that will lead to the creation of the new token Ycash (YEC). 

zcash price fork
Source: https://it.tradingview.com/symbols/ZECUSD/

The fork will occur today at block no. 570,000. ZEC holders will receive YEC in their wallets at a 1:1 ratio. 

Thus, ZCash today is in the top 20 of the best rises gaining more than 8% which, added to what happened in the last 48 hours, sees a rebound of 21% from the lows of Tuesday afternoon and is just above the threshold of 76 dollars, 35% away from the highs recorded on June 26th in the $124 area.

After the bearish movement that overwhelmed the crypto market in recent days, recording downwards movements which had not happened for some time – precisely since November of last year – positive signs clearly prevail today with 85% of cryptocurrencies in green territory. This can be defined as a technical reaction due to the coverage of speculation that has affected the whole sector in the last 72 hours.

zcash price fork
Source: https://coin360.com/

Among the positive signs stands out Egretia (EGT) which rises by about 25% occupying the 31st position with 314 million dollars of capitalisation. Nano (NANO) and Chainlink (LINK) in 44th and 16th position respectively, mark increases of 20% on the day. 

Among the top 20 Litecoin (LTC) once again stands out with a daily bullish movement of 15% and reaches 92 dollars. Added to the reaction of the last 72 hours, LTC recovers 25% after sinking with the lows of Tuesday afternoon towards the threshold of 75 dollars, a drop that represents a 50% drop from the highs of June 22nd.

Among the worst of the day, there are no particular concerns, except for Lambda (LAMB) in 65th position and just over 100 million capitalisation, the only double-digit decline at -10%.

This upward movement leads bitcoin to recover 3% and Ethereum 5%. This is a technical reaction that must be confirmed in the next few days in order to give bullish indications.

The market cap is over $266 billion. Volumes in the last 24 hours have fallen slightly to over $90 billion. Bitcoin trading is definitely above the average so it will be necessary to follow the stability of the supports tested yesterday. 

Ethereum, second in the ranking, should be followed in particular. From the June 26th highs, Ethereum sees a retreat of about 47%. 

Even more serious is the situation of Ripple, which with the strong sinking of Tuesday afternoon goes below the threshold of 30 cents, the lowest levels since November 2018.

As far as dominance is concerned, bitcoin dominance falls below 65%. Ethereum tries to react and returns above 8.5%. Ripple also climbs up the slope and rises above 5%.

zcash price fork
Source: https://it.tradingview.com/symbols/BTCUSD/

Bitcoin (BTC) price

The price of bitcoin bounces off the dynamic support of $9,200 and goes on to test the $10,000. The evolution and movement of prices in the coming days will be important. 

It will be decisive to hold area 9,200 – 8,800, level of former resistance in mid-June, now become support. In order to stay calm, it is necessary to recover the price of $11,000. In the case of a drop below the psychological threshold of 9,000 dollars, the next step would be in the 7,500-8,500 dollars area.

zcash price fork
Source: https://it.tradingview.com/symbols/ETHUSD/

Ethereum (ETH) price

The price of Ethereum sank more severely, falling almost 50% from its June high. The first level to be recovered is 225-230 dollars, violated with the fall accused between Sunday and Monday. 

In the next few days, Ethereum will have to recover $275-280, otherwise, a violation of the last hour lows and a break of $185-180 would cause speculation that would push prices to test $155-165. It is thus a delicate and crucial time from a technical point of view.

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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