Українська
Русский
English
Arthur Hayes Prepares to Buy Zcash at the Bottom — at a Rather High Price
The director of the family investment firm Maelstrom, Arthur Hayes, is preparing to buy Zcash (ZEC) at the bottom — at a relatively high price.
After reaching a peak of $744, the ZEC price dropped by more than 40%, forming a bearish “double top” pattern on the chart. If the pattern fully plays out, the price of the privacy coin could fall to $275. However, Hayes doesn’t plan to wait for that level and intends to buy the tokens much earlier.
“Crypto’s a bit shaky. I still haven’t reached my target allocation for ZEC. Might grab a few more coins if it drops to $300–350,” Arthur wrote.
Possible Decline of Zcash
Buying ZEC at $300–350 carries high risk not only due to the bearish pattern but also because of capital rotation.
Two days after Zcash hit its record high, its main competitor Monero (XMR) surged by one-third in just a few hours.
It appears that Zcash holders chose to sell their assets and move funds into XMR to profit from a market that’s far from overheated.
However, Monero’s price later dropped sharply, so there’s no guarantee that capital will continue flowing from ZEC to XMR.
See also: "XRP ETF expected to launch on Wednesday or Thursday as SEC filing confirms final stage"
