ZCash Price Analysis – April 18

  • The price resistance at $240 has been a bulls' nightmare.

ZCash, ZECUSD, CryptoCompare chart

ZECUSD Medium-term Trend: Ranging

Supply levels: $270, $260, $250

Demand levels: $210, $220, $230

ZCash price is currently trading at $236.54. For about a week, the price oscillated between the resistance at $240 and the support at $220. The bulls have tried without success to break the resistance at $240, same as the bears have tried with the support level.

Whatever the case may be, a breakout is imminent. Meanwhile, the RSI period 14 is level 87, which indicates that the market is seriously overbought, suggesting bears will take control of the market. However, from the price action, the bulls are likely to break the resistance level at $240.

ZECUSD Short-term Trend: Ranging

ZCash, ZECUSD, CryptoCompare chart

In the daily chart, the ZCash price has no directional movement. It was moving horizontally at $230, before falling to $225. It was also moving horizontally at every price levels. In the daily chart, the RSI period 14 is level 31 which indicates that the market is oversold, suggesting bulls will take control of the market.

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Libra Association Members Consider Quitting Due to Government Pressure

Neil Dennis

Three founding members of the Libra Association, the cryptocurrency project announced by Facebook earlier this year, are considering withdrawing from the group following government and regulatory opposition.

A report in the Financial Times on Friday suggested that two - unnamed - members of the Association are discussing their "right next steps". A further member - also unnamed - was reportedly concerned that its support for the project will raise regulatory scrutiny of its own business.

Founding Members

Among the 28 founding members are payments firms PayPal and Visa, internet marketplaces eBay and Booking Holdings, blockchain groups Coinbase and Xapo, and venture capitalists Andreessen Horowitz and Thrive Capital.

One of the partners told the FT:

Some of those conversations [about regulation] should have taken place before the launch, to understand how regulators would think about this, so there wasn’t so much pushback.

The backlash has not just been regulatory. Central banks are concerned about the impact on monetary policy, while governments have an obligation to protect their sovereign currencies. Indeed, such has been the furore over Libra that Facebook admitted on July 31 that the cryptoasset may never be launched.