Zcash Price Analysis: ZEC/USD Bears Back in the Driver’s Seat Despite Coinbase Incentive Program Support

  • ZEC/USD is back within the control of the sellers, as the price has dropped around 9% within the past five sessions.
  • Coinbase announces that Zcash (ZEC) is supported on their learning incentive program. Users can earn $3 worth of ZEC by merely watching educational videos on the privacy coin.

ZEC/USD: Recent Price Action

The Zcash price has been cooling over the past few sessions after the bulls failed to sustain decent upside momentum seen earlier in the month. ZEC/USD has fallen over 9% in the previous five sessions, after hitting $56.75 on 13th February. The mentioned print was the highest seen since 14th January, with the buyers since losing ground.

ZEC/USD was moving within a descending wedge pattern formation; this was observed from 24th December up to the breakout on 8th February. As part of this mentioned push north, the price went on to gain a whopping 15%, rallying for five consecutive sessions. It was the longest run higher that observed since mid-December 2018.

Zcash Added to Coinbase Incentive-Driven Learning Program

U.S cryptocurrency exchange Coinbase announced Zcash has been added to its incentive program. Users will be able to learn about the privacy-based coin while having the benefit to earn from this program. The reward will be $3 worth of ZEC for watching the educational videos about the cryptocurrency.

Coinbase tweeted from its official account, “Earn $3 worth of Zcash with a new Coinbase Earn opportunity today. Check out the Earn ZEC page to view educational videos about Zcash and earn some along the way!” Users can sign up and start the program to receive their cryptocurrency rewards upon completing the educational series.

The program launched at the back-end of 2018, initially just featuring 0x. Earlier this month, Coinbase added Basic Attention Token (BAT) to the program. Zcash now being the latest is a massive step towards greater global awareness for ZEC by being supported on one of the world’s largest cryptocurrency exchanges.

Technical Review – ZEC/USD

ZEC/USD daily chart.

As detailed earlier, the price is heading south, which will likely see the above-detailed descending wedge pattern retested. Support is currently tracking around $47.00, which is where the upper trend line of the descending wedge sits. The mentioned support area coincides with a demand zone, seen from $50.00 down to $46.50. ZEC/USD last traded down at these lows in December 2018, a period when the general market bottomed, after heavy bouts of selling.

Should this support fail to provide necessary comfort, then a strong wave of pressure to the downside may likely be seen. The price may be forced to trade within the complete abyss, an area that has not been observed before. Unknown territory trading is something that is occurring across the industry within this current bear market.

Given the breach of the wedge pattern, there isn’t too much in the way of resistance until the $60 region. A supply zone tracks from $62 up to $65; the price saw several rejections here in January of this year and in December 2018. Further to the north, another likely target would be where the price peaked at the end of 2018, $73.95.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Author:
Ken has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.