@cryptonite 6 July 2020 more from that month

is Zcash ready for a new bull run?

Hello everyone, this Monday  is a green one for crypto markets, this give some hope of some possible movement on the upside after months of sideway trend, lets see if any crypto have more chance of starting a new **bull run.** After making some research I point my attention on **Zcash** that seems better prepared to catch a positive **trend**, before starting our analysis lets see some interesting statistic made by **intotheblock.com**, even if **Zcash** is a privacy coin the generation of useful information can help us and everyone in general to better understand the holder situation. https://app.intotheblock.com/coin/ZEC

The first thing that jump in our eyes is that just 24% of those that hold this currency are “**in the money**” meaning that they are gain, a astonishing 67% are **out of the money**, that mean obviously that they hold **ZEC** at higher price, this don’t seems to bother many big investor of this crypto as the 55% of the circulation is in hand of who own from 0.1% till 1% and over 1% of the total circulation. This kind of big investor seems confident for the future of this coin, this drive us to the last  statistic that I think is interesting, the long term holders (12 plus month) are 71% versus the last minute holders (1 month) that are just a mere 4%. This last statistic  tell us that at this price new investor think twice to invest in **Zcash** and long term ones are not thinking of selling anything.

Now we can check the chart that show us the bloody **sell-off** of mid February that make **Zcash** worth a 77% less in a month, from around 75$ till around 17$, this impressive movement saw the buyers push the valuation up at the **bottom** of mid march, the trend that end up make an astonishing +230% so far. Even if the ascending trendline broke recently, we can notice that the 50 Dollar level is a **catalyst** since mid may where it was a **resistance**, the interesting thing of this kind of price is that more the crypto use it as resistance/ support more they validate this price tag. Without waiting too much lets discover some **support**, we can obviously find the 50 Dollar as the first support, the 48.30 Dollar is the next stop if the valuation deteriorate, this look unlikely right now but the market could turn against us, the next **support** is set at 45 Dollar, this is the last barrier from the biggest drop at 38.45 Dollar that must be the level where buyers can’t miss the chance to buy more **ZEC**. In the upward, where I think there is more chance to go right now, we can spot a **resistance** at 55,50 Dollar, this resistance is pretty close than we can expect to get higher and the **resistance** number 2 is at 63.50 Dollar, this is a big jump but the currency could really not find any problem till this level, the last **resistance** is set at around 70 Dollar. As you can see the resistances are pretty far one from the other, this is because the sell-off was so fast and steep that didn’t give the time to the cryptocurrency to make any significant stop. Basically was a ride to the hell without any hope until the bottom.   **Short Term View**   If we look at the **last month** we can notice that on **June 22** there was a try to start a new positive trend, this movement was able to pass the first **resistance** but failed on the second, this pushed the valuation down and broke the uptrend pattern. Now the sideway is the new norm, and not just for **ZEC**, anyway the today movement give us some hope of a new try to move upward, the **bulls** this time may be able to pass also the second **resistance**, if this battle will be won we may expect a wild ride to the next resistance. Between the second and the third resistance the bulls could also try to mark some new level where we will find some battleground but in my opinion there would be an attack to the maximum. That’s all for now, thanks for reading and hope you enjoy this post, always remember to do your own research before investing. You can follow me at **Publish0x**  T**witter**  and **read.cash** https://www.publish0x.com/@Cryptonite https://twitter.com/CryptoniteK https://read.cash/@cryptonite