The broader crypto market has been showing signs of recovery over the last few days. As investor sentiment improves, more and more coins are heading towards positive returns. But interest in privacy tokens is heating up as well and Zcash (ZEC) is taking advantage. Here are some highlights:
At press time, Zcash (ZEC) was trading at $128.90
The token has also rallied substantially over the past 7 days, adding nearly 30% to its value.
As sentiment in the broader market strengthens, Zcash (ZEC) is expected to continue this upward trajectory.
Data Source: Tradingview.com
Zcash (ZEC) and demand for privacy tokens
Privacy tokens are expected to remain quite popular in the crypto market. Investors love anonymity and tokens like Zcash (ZEC) offer that. But the technical indicators also suggest that Zcash (ZEC) is in a very good upward trend.
It has also surged by nearly 40% from the lowest price recorded this week. The $125 mark has however proved to be quite some resistance.
If bulls can push the price action above that threshold, then we may see the rally extend even further. If not, then Zcash (ZEC) will likely retrace its next support zone which is $109.
Is Zcash (ZEC) a decent investment?
Privacy tokens are often seen as central in the overall crypto market. In fact, over the years, most of these coins have delivered consistent returns for investors all over.
So, Zcash (ZEC) is a decent option to have in your investment portfolio. It is however more of a long-term play. Investors will need to be patient in order to unlock the full potential that Zcash (ZEC) has to offer.