ZCash and Monero prices have been on an uptrend as investors have started to shift towards privacy-focused coins. The ZEC price has jumped to a high of $190, bringing its total market cap to more than $1.7 billion. Monero, on the other hand, has risen to an all-time high of $252, bringing its market valuation to more than $.4.28 billion.
Monero and ZCash background: For starters, Monero, Dash, and ZCash belong to a class of cryptocurrencies known for their security. The three use comprehensive encrypted technology that makes all their transactions untraceable.
In fact, the US government, through the Internal Revenue Service (IRS) has proposed a $625k bounty for anyone who is able to trace Monero transactions. These currencies have become popular among people who value privacy that is not offered by currencies like Bitcoin.
On the daily chart below, we see that the ZCash price reached a high of $190 this week. The price then dropped to $125 as part of the overall weakness of cryptocurrencies. Today, it is attempting to retest its year-to-date high. It remains above the important supports at $120 and $100. It is also above all moving averages.
Therefore, in my view, the currency will likely go back above $190 and possibly cross $200 in the near term. On the flip side, a drop below $120 will invalidate this prediction.
The Monero price has found a substantial resistance near $260. On the four-hour chart, the price remains above the 25-day and 50-day moving averages. The acumulation and distribution has also continued to rise. In my view, this rally on XMR has more room to run. In the near term, I suspect that the price will soar to $300. Howecer, a drop below $189 will invalidate this trend.
