Zcash, Monero, and Dash took a mild hit after making significant gains over the past few weeks. Although these privacy-centric coins seem to have entered a stagnation period, momentum appears to be building for another leg up.
Zcash to resume uptrend after taking a breather
Zcash (ZEC) has been recovering slowly after prices tumbled to hit a low of $63.5, as previously discussed.
While the privacy coin has yet to make another higher high, the bigger time frames, such as the weekly chart show signs of further consolidation.
The buying pressure behind ZEC seems to be just enough to maintain its current price, preventing any major decline.
ZEC/USD weekly chart
Regardless, it appears that the bulls are gearing up to cover even more grounds.
As the 50-week simple moving average (SMA) moves on top of the 100-week SMA, a golden cross may form. Many investors see this pattern as one of the most definitive and strong buy signals that could start a long-term bull market.
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