Zcash (ZEC) is a cryptocurrency that has been around for quite a long time now, launching in late 2016. This privacy coin immediately attracted attention thanks to its ability to make users’ transactions private, and it emerged right around the time when block explorers removed any anonymity that the crypto industry has initially promised.
The hype for the coin has been the greatest at the time of its launch, which is why ZEC launched with an extremely high price of over $1,600, which it never achieved again. Immediately after launch, its price crashed to $54, and since then, it had plenty of ups and downs, but the closest it ever came to reaching its initial value was on January 7th, 2018, when it hit $880.
After that, the crypto winter brought it down to $26, which was around late 2019. The coin recovered a bit in 2020, even managing to come close to $100 in the second half of the year. However, its real recovery came in 2021.
ZEC Price in 2021 and 2022
On January 1st, 2021, Zcash price found itself at the lowest point that it saw in that entire year, sitting at $56.79. As soon as the year kicked off, the coin’s price surged, reaching initially the price of $180 around February 19th.
This was followed by a correction to $110, which was then followed by another surge, which took it to $284 around April 17th. However, its sudden rise to this height triggered a correction, which knocked the coin down to $200 only a week later, on April 24th. Fortunately, this resistance prevented further drops, and it even allowed the coun to bounce back up and skyrocket to $318.92, which was Zcash’s highest peak in 2021.
But, as soon as it reached this level, a mid-May price crash took over, causing most cryptos to lose 50% of their value in this initial drop. ZEC dropped to $125, losing even more than that, and while it quickly recovered to $175, the bearish market that started caused it to start spiraling down again until it found its bottom at $100.
In the second half of July 2021, the bulls returned, and ZEC once again started heading up. It reached the resistance at $175 for the fourth time last year, and for the third time, it was prevented from going further. Instead, its price once again dropped to $100 by late September, which was followed by another surge, this time to $275. The coin reached this level in late November, and it was the highest it has been ever since, as the November crash then started forcing it down, and it didn’t stop even as the year ended. ZEC reached its bottom at $100 once again in late January 2022, and it even briefly broke this support, finding a new one at $90.
However, as February 2022 started, the bull run replaced the bears and allowed the market to start another recovery, which ZEC used to climb back up, and go above $100 again. In fact, the coin managed to reach a smaller resistance at $135 around February 8th. Unfortunately, the resistance was still strong enough to reject its price and knock it back down to a support at $115. At the time of writing, Zcash sits at $116.36 after dropping by 7.53% in the last 24 hours.
To learn more about this token visit our Investing in Zcash guide.
The post Zcash (ZEC) Price Recovers to $130 as February Brings Another Rally appeared first on Securities.io.
