The cryptocurrency market has returned to bearish movements today as Bitcoin returns back below $4000. The best performer in the top twenty cryptocurrencies excluding Tether has been Zcash. Zcash is also the best performer over the past seven days after three consecutive days of large appreciation this week.
During the recent bearish market conditions, Zcash underwent a prolonged decline which brought the price to a 2018 low around $62. This weeks increase saw the price move from $67 to a weekly high around $97 with sellers likely to be anticipating resistance at $100. Price has since retraced and currently trades around $80.
The momentum is likely still with the buyers for Zcash. The MACD continues to increase, a sign of buyer momentum. The MACD has also crossed its centerline to the upside, a bullish signal.
The key factor driving the outperformance being seen in Zcash is likely the announced listing to Coinbase Pro. With the official announcement only being released within the last 24 hours, it brings into question whether the price was being driven up by those with insider knowledge prior to the announcement. There were major concerns last year when the price of Bitcoin Cash was driven up prior to being listed.