Category: Zcash

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Crypto News Market Analysis Trading Zcash

Top 3 Coins To Watch Today: ONE, LUNA, ZEC – September 28 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Harmony (ONE)

Harmony ONE is a blockchain platform designed to facilitate the creation and use of decentralised applications (DApps). The network aims to innovate the way decentralised applications work by focusing on random state sharding, which allows creating blocks in seconds. Harmony is expected to introduce cross-shard contracts and a cross-chain infrastructure by the end of 2021.

ONE Price Analysis

At the time of writing, ONE is ranked the 64th cryptocurrency globally and the current price is A$0.2231. Let’s take a look at the chart below for price analysis:

Source: TradingView

After setting a low in late June, ONE kicked off a bullish trend that rallied nearly 400% by September to break March’s cycle high.

The following 50% plummet found support near A$0.1688, sweeping under the 40 EMA into the 61.8% retracement level before bouncing to resistance beginning at A$0.2453.

This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near A$0.2386, where aggressive bulls might begin bidding. The level near A$0.2035, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near A$0.2792. 

Multiple events, including mid-October’s Trustless Ethereum Bridge, could provide the bullish catalyst to keep pushing the price toward new all-time highs.

However, if Bitcoin continues its downtrend, much lower prices could be seen. The old support near A$0.1645 could provide at least a short-term bounce. If this level fails, the old highs near A$0.1269 might also give support and see the start of a new bullish cycle.

2. Terra (LUNA)

Terra LUNA is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems. According to its white paper, Terra combines the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin and offers fast and affordable settlements. Terra’s native token, LUNA, is used to stabilise the price of the protocol’s stablecoins. LUNA holders are also able to submit and vote on governance proposals, giving it the functionality of a governance token.

LUNA Price Analysis

At the time of writing, LUNA is ranked the 12th cryptocurrency globally and the current price is A$54.15. Let’s take a look at the chart below for price analysis:

Source: TradingView

After breaking its March high on August 16, LUNA began a range that has been whiplashing both bulls and bears.

Resistance beginning near A$52.35 has held the price down for the second half of September, although bulls have shown some strength near the 9 and 18 EMAs. 

A quick drop to A$44.37, or into the zone beginning near A$41.87, could give bulls the fuel to push through the nearby resistance. If this resistance breaks, the high near A$59.47 provides a reasonable target. 

A break of this level could move further into uncharted territory – possibly fuelled by the long-awaited Columbus-5 launch – with the nearest probable resistances projected around A$69.28 and A$79.57.

More patient bulls might be waiting far below the 40 EMA with bids near the higher-timeframe range’s 61.8% retracement, near A$31.49.

3. Zcash (ZEC)

Zcash ZEC is a decentralised cryptocurrency focused on privacy and anonymity. It uses the zk-SNARK zero-knowledge proof technology that allows nodes on the network to verify transactions without revealing any sensitive information about those transactions. Zcash transactions, on the other hand, still have to be relayed via a public blockchain, but unlike pseudonymous cryptocurrencies, ZEC transactions by default do not reveal the sending and receiving addresses or the amount being sent.

ZEC Price Analysis

At the time of writing, ZEC is ranked the 70th cryptocurrency globally and the current price is A$147.13. Let’s take a look at the chart below for price analysis:

Source: TradingView

Since May’s high, ZEC‘s 77% drop marks the current range as a reasonable area to expect accumulation.

The recent bearish flip of the 9, 18 and 40 EMAs might cause bulls to be less aggressive in bidding. However, possible support near A$151.87 and A$128.96 – between the 61.8% and 78.6% retracements – could see at least a short-term bounce. 

Last year’s long-term consolidation suggests that the areas near A$113.87 and A$104.40 may be more likely to cause a longer-term trend reversal. Capitulation after Halo Arc and the Network Upgrade 5 could be the catalyst needed to push price aggressively into these levels.

Bears are likely to add to their shorts at probable resistance beginning near A$169.30, which has confluence with the 18 EMA. A fast break of this resistance could trigger more selling near A$201.12, the start of the bearish move.

If an aggressive bullish move does appear, trapped buyers in the probable resistance beginning near A$256.41 might provide a ceiling for this impulse.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

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Crypto News Market Analysis Trading VeChain Zcash

Top 3 Coins To Watch Today: MANA, VET, ZEC – August 26 Trading Analysis

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Decentraland (MANA)

Decentraland MANA defines itself as a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetise content and applications. Decentraland uses two tokens: MANA and LAND. MANA is an ERC-20 token that must be burned to acquire non-fungible ERC-721 LAND tokens. MANA tokens can also be used to pay for a range of avatars, wearables, names and more on the Decentraland marketplace.

MANA Price Analysis

At the time of writing, MANA is ranked the 70th cryptocurrency globally and the current price is A$1.28. Let’s take a look at the chart below for price analysis:

Source: TradingView

After dropping nearly 70% in May, MANA found a low just above the monthly gap near A$0.9541. Since then, the price has been consolidating in a range between A$1.35 and A$1.15.

The weekly level near A$1.22 may continue to provide support during a run on the local swing lows. The monthly gap beginning near A$1.06 will likely give the next higher-timeframe support if this level fails.

The price is currently chewing into potentially strong resistance near A$1.32. A sweep of the relatively equal highs near A$1.38, and a daily close above this level, could signal a move to the next set of relatively equal highs near A$1.45. 

Just above these highs, probable resistance rests near A$1.53, which may cap the price until the market moves out of consolidation. However, any significant bullish shift in market conditions during the next few weeks could help bulls reach the swing high near A$1.59, running stops into probable resistance near A$1.67.

2. VeChain (VET)

VeChain VET is a blockchain-powered supply chain platform. Begun in 2015 and launched in June 2016, VeChain aims to use distributed governance and Internet of Things (IoT) technology to create an ecosystem that solves some of the major problems with supply chain management. The platform uses two in-house tokens, VET and VTHO, to manage and create value based on its VeChainThor public blockchain. The idea is to boost the efficiency, traceability and transparency of supply chains while reducing costs and placing more control in the hands of individual users.

VET Price Analysis

At the time of writing, VET is ranked the 24th cryptocurrency globally and the current price is A$0.1772. Let’s take a look at the chart below for price analysis:

Source: TradingView

VET accompanied the rest of the market in the mid-Q2 drop, falling nearly 83% from its May high until it found a low late in June.

Price action in late June formed a weekly support level near A$0.1126, which has so far held up the price. The most recent swing low inside this range, near A$0.1573, might be the target for any future stop runs. After this low, the swing low near A$0.1612 and the gap beginning near A$0.1688 marks possible higher-timeframe support.

The price is currently battling with significant higher-timeframe resistance levels, with the closest probable resistance resting near A$0.1879, just over the June monthly open. A sweep of the relatively equal highs above this resistance might find sellers near A$0.2056, but could reach as high as A$0.2385.

3. Zcash (ZEC)

Zcash ZEC is a decentralised cryptocurrency focused on privacy and anonymity. It uses the zk-SNARK zero-knowledge proof technology that allows nodes on the network to verify transactions without revealing any sensitive information about those transactions. Zcash transactions, on the other hand, still have to be relayed via a public blockchain, but unlike pseudonymous cryptocurrencies, ZEC transactions by default do not reveal the sending and receiving addresses or the amount being sent. There is an option, however, to reveal this data for the purposes of auditing or regulatory compliance.

ZEC Price Analysis

At the time of writing, ZEC is ranked the 64th cryptocurrency globally and the current price is A$224.36. Let’s take a look at the chart below for price analysis:

Source: TradingView

ZEC has been trading through a massive range since July, with the price showing mild bullishness during August.

The breaks of the swing highs at A$237 and A$240 led to support forming near A$225. Some bulls will likely wait for a more favourable entry on a potential stop run that could reach near A$221.

If the support near A$230 continues to hold, the recent swing high at A$240 is likely the next short-term target. This potential bullish swing might end with a run on short stops up to A$269 and A$282. 

Higher-timeframe resistance between A$295 and A$312 may cap any move upwards until the overall market becomes more bullish. However, any significant bearish move in bitcoin will likely push the price down toward the low and possible support near A$215.

Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

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Blockchain Crypto News Crypto Staking Zcash

ZCash Founder Wants to Reduce Carbon Footprint with Proof of Stake

Electric Coin Co (ECC), the company behind the Zcash ecosystem, has hinted at moving the privacy cryptocurrency from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism. 

Zcash founder Zooko Wilcox made this known in a recent blog post where he shared his opinion on why such a transition will benefit users.  

Wilcox Believes PoS will Make ZEC More Valuable

Zcash (ZEC) is a privacy-focused coin that currently runs on proof-of-work as it was forked from Bitcoin. PoW involves miners who compete to solve mathematical puzzles using intensive energy for newly minted coins as a reward. However, PoS is lighter and only requires validators who deposit their coin as collateral to verify transactions and secure the network.

Wilcox argues that moving Zcash to PoS will reduce downward pressure on the crypto, given there will no longer be miners who are bound to sell their coins to recover operating costs. He says that staking would add utility to ZEC and also encourage users to eventually become long-term holders.

The plan to transition ZEC to PoS also comes amid concerns around the intensive energy usage in PoW, which the court of public opinion believes endangers the planet.

Wilcox also mentions it was easy to maintain the security of a network with PoS as offenders or violators can be published without affecting the overall network.

While there are many who prefer PoW, I believe PoS would make ZEC more valuable to more people! The benefits are great, and they far outweigh the drawbacks and risks.

Zooko Wilcox, Zcash founder

Community Remains Unconvinced 

Some people, including Justin Ehrenhofer, are not in support of this. In a post on reddit, the crypto compliance analyst opined that transitioning ZEC to PoS indicates “they prioritise wealth over privacy“.

Ehrenhofer claims that 20 percent of the block rewards for the first four years were allocated to the founders. Thus, staking this massive number of coins will give them an advantage to earning new block rewards. He also notes that staking could impact the coin’s privacy.

It is not clear that shielded staking will be supported. If only transparent staking is supported, or if shielded funds must publicly share significant information to stake (which would make them more like transparent funds in effect), then Zcash will forever be largely transparent, not private.

Justin Ehrenhofer

In one of a series of tweets, Luxor CEO Nick Hansen also argued against the move, saying staking is a major centralising force:

What You Must Know

The ECC hasn’t yet finalised on transitioning Zcash to proof-of-stake. This is more like a proposal to understand which consensus mechanism the community believes adds more value to the Zcash network. It’s left for the community to decide whether the proposal should be passed. 

Whether Zcash itself changes is determined by whether the Zcash community chooses to run that software.

Zooko Wilcox

Regardless of the contradictions, there are already a good number of cryptocurrencies running on proof-of-stake. These include Tezos, Algorand, Cosmos, Cardano, and so on. The development also comes at a time when Ethereum is preparing to move to PoS. 

Crypto News Australia revealed this week that a major upgrade “London“ hard fork would be activated on the blockchain on August 4, preparing the path for Ethereum 2.0, which is based on PoS.

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Crime Crypto News Hackers Monero Ransomware Zcash

US Government Offers $10 Million Bounty for Cyberattacks, Enticing with Crypto Payments

Following the infamous Colonial Pipeline attack earlier this year and a slew of copycat ransomware attacks, the US government has gone on the offensive by announcing a bounty program to counteract the ongoing risk of cybercrime.

Reward for Attacks on “Critical Infrastructure”

In a statement, the US Department of State’s Rewards for Justice (RFJ) program noted it was offering a reward of up to “US$10 million for information leading to the identification or location of any person who, while acting at the direction or under the control of a foreign government, participates in malicious cyber activities against US critical infrastructure”.

Cars queue to refuel following the “Colonial Pipeline” cyberattack which crippled the US’ biggest fuel pipeline based in Washington, DC, May 15, 2021. Source: Daily Sabah

The RFJ statement went further, saying:

Commensurate with the seriousness with which we view these cyber threats, the Rewards for Justice program has set up a Dark Web (Tor-based) tips-reporting channel to protect the safety and security of potential sources.

Office of the Spokesperson Source: US Department of State

Bounty May be Paid in Crypto – Bitcoin or Privacy Coins?

Recognising that potential whistleblowers may wish to be paid in crypto, the statement noted that:

The Reward For Justice program also is working with interagency partners to enable the rapid processing of information as well as the possible relocation of, and payment of, rewards to sources. Reward payments may include payments in cryptocurrency.

Office of the Spokesperson Source: US Department of State

The official statement did not specifically disclose which cryptos would be accepted as a means of bounty payment.

However, given the nature of cybercrime and the fact that the RFJ has set up a Tor-based reporting channel, it is likely that potential whistleblowers will elect to remain anonymous. Accordingly, they are likely to prefer privacy coins such as Monero or Zcash over open-source networks such as Bitcoin.

Cyberattacks have not been limited to the US. Last year, Australian television networks were impacted by various cyber attacks and, most recently, this month thousands of retailers were affected by a supply-chain ransomware attack.