ZCash, the cryptocurrency traded under the ticker ZEC, has been officially added to the Coinbase exchange. The leading company in the crypto space continues to expand its offerings, as it announced a few weeks ago. However, the news went largely unnoticed and buyers did not rush to purchase ZEC as they might have during a bullish market. ZCash’s price followed the downward trend on Thursday, falling to levels not seen since April 2017.
Coinbase expands its portfolio: now lists eight cryptocurrencies
Counting its stablecoin USDC, Coinbase’s offering would include nine digital currencies (though USDC is not available in every country). As previously predicted and in line with Coinbase’s own rollout plans, the next additions expected were ZCash, Cardano or Stellar. This time it was ZCash (ZEC) that was added. The announcement arrives amid a broader bearish phase that has particularly impacted altcoins, so the listing had little immediate impact on ZEC’s price, which continued to fall.
ZCash, a cryptocurrency focused on private transactions, had already been trading on Coinbase Pro (formerly GDAX). However, it was not until December 5 that Coinbase announced the token’s availability on its main platform. The exchange noted that ZEC will not be available in all regions:
“ZEC will be available to customers in most jurisdictions, but — initially — it will not be available to residents of the United Kingdom or the state of New York. Additional jurisdictions may be added later.”
In its press release, Coinbase also reiterated that it will continue to add new cryptocurrencies gradually. The company provided further details about ZCash and how its features will interact with the platform:
“ZCash is a cryptocurrency that leverages recent advances in cryptography to allow users to protect the privacy of their transactions at their discretion. Initially, customers may send ZEC to Coinbase using ‘transparent’ and ‘shielded’ addresses, but only transactions to transparent addresses will be supported from Coinbase.”
Coinbase did not rule out supporting additional features in jurisdictions where they comply with local regulations.
ZCash price: closing in on annual lows?
Despite what would normally be positive news, ZEC continued to decline sharply. Like many altcoins, ZEC reached its all-time highs in January when it briefly exceeded $800. It now trades more than 90% below those highs, hovering near $60 at the time of this article’s publication. The bear market that has impacted the global cryptocurrency market hit ZCash hard.
The token now faces a critical juncture: a rebound or further decline. According to the technical analysis below, ZCash sits at one of the most significant support zones in its historical price action. We expanded the analysis window to the daily timeframe to identify this support. At the time of writing, ZEC is once again touching its yearly lows and could form a double bottom, which might prompt a positive bounce. However, if buyers fail to provide sufficient demand, ZEC could test the next support near $42. That level acted as major resistance prior to the 2017 bull run.
The price drop also concerns those who mine ZCash, as mining rewards are not matching operating costs and miners are waiting for a recovery. Will ZCash be able to withstand the bearish market? Share your thoughts in the comments below.