Similar to Bitcoin halving, the ZCash block rewards will be reduced from 12.5 ZEC to 6.25 ZEC.
With the Bitcoin halving event almost a month ago, it is very easy to forget that ZCash (ZEC) will also have a halving this year. Block rewards for miners will be reduced from the current 12.5 ZEC to 6.25 ZEC in block 1,046,400. At the time of writing, the height of this block is estimated at 176 days. Therefore, the event will take place on or around November 17, 2020.
Brief technical analysis of ZCash (ZEC)
In addition, by checking the 1-day ZEC / USD chart, courtesy of Tradingview.com, we note the following.
- The current price of ZEC at $ 47.52 is above the 50, 100 and 200 day moving averages, thus providing an argument for the bullish moment
- However, both the MACD and the IMF provide an image of reduced buying demand, giving the possibility that the ZEC / USD may retest the previous $ 37 support zone, depending on the action of the Bitcoin price.
- Other support zones include $ 45.9, $ 44, $ 42.32, $ 41 and $ 35.
- ZCash also has the following short-term resistance: $ 48, $ 49.2, $ 50.7 and $ 54.
- At the macro level, and as we approach halving in November, the ZEC / USD may have enough momentum to test its February high of around $ 75 again before the event in November.
As always, traders and investors are advised to protect their capital using stop loss and to conduct additional fundamental analysis. In the case of ZCash (ZEC), it is worth remembering that other crypto projects mentioned the implementation of Zk-Snarks for privacy in their blockchains. One such project is Tron and there is speculation that Justin Sun and the Tron Foundation team will introduce privacy with the new update called 4.0.