Today ZCoin announced the release of Merkle Tree Proof, a new Proof-of-Work algorithm which will be activated on the December 10. This POW is designed to fight against cryptocurrency mining centralization like ASIC farms. The aim is to level the playing field between people with huge amount of computing power (such as mining farms) and those with little power.
This, obviously, might help ZCoin to get less centralized increasing the demand and popularity of the coin, resulting in the increase in price.
Currently ZCash is trading near btc 0.0015 support, where it is forming a double bottom. Yet the double bottom pattern hasn’t been confirmed as the break below is still possible. However, the RSI oscillator shows bullish divergence, suggesting a potential upside move.
If price will remain above the 0.0015 support, ZCoin is likely to move upwards and should be reaching 61.8% Fibonacci. This is btc 0.0038 resistance level, and if XZC will rise that high, the result will be a 160% gain over the Bitcoin.
However, break below the support could have a negative affect on the XZC/BTC, obviously making it much riskier investment.
All-in-all, fundamental news are positive and ZCoin might be the coin of interest in the coming days/weeks.
This, obviously, might help ZCoin to get less centralized increasing the demand and popularity of the coin, resulting in the increase in price.
Currently ZCash is trading near btc 0.0015 support, where it is forming a double bottom. Yet the double bottom pattern hasn’t been confirmed as the break below is still possible. However, the RSI oscillator shows bullish divergence, suggesting a potential upside move.
If price will remain above the 0.0015 support, ZCoin is likely to move upwards and should be reaching 61.8% Fibonacci. This is btc 0.0038 resistance level, and if XZC will rise that high, the result will be a 160% gain over the Bitcoin.
However, break below the support could have a negative affect on the XZC/BTC, obviously making it much riskier investment.
All-in-all, fundamental news are positive and ZCoin might be the coin of interest in the coming days/weeks.