Zcash Price Prediction: What to Expect of the Zcash Privacy Coin in 2022?

The chart above shows the performance history of Zcash since 2018. Throughout the last 5-years, the highest that the coin has been able to attain is $900. Meanwhile, note that the highest level the coin has tested is $5,941. 

Recently, the privacy coin found strong support near $144 as the bulls managed to move the key resistance level at $137. Buyers came in strong and broke past the resistance line, thereby touching a daily high of $149. 

Also, note that the 50-day and 100-day moving averages have shifted positions. Which is seemingly a positive indicator that the price is going to rise in the next few days. In fact, the moving averages have shifted along with the 50 percent FIB retracement level. It is likely that buyers will keep coming in as they target the next key resistance at $178.

Why did Zcash Shift From Proof-of-Work to Proof-of-Stake? 

Proof of stake and proof of work are the two primary models by which miners mint cryptocurrencies. Bitcoin uses proof of work, while Ethereum birthed the proof of stake model. Both methods allow a chain of computers to verify transactions by means of solving a very complex algorithm, known as the hash algorithm. 

Alongside Bitcoin, other cryptocurrencies using the proof of work model include Zilliqa, Ethereum, and until recently Zcash. On the other hand, Ethereum uses a proof of stake model to mint more ETH into circulation. This model is not capital or energy-intensive. Hence has been recommended by most blockchain developers. In PoW, the amount of computing resources that one has determines what amount of crypto rewards one gets. 

However, a chain of validator nodes on the proof of stake take part in validating blocks of the transaction depending on the number of cryptocurrencies that they own. The advantage of the proof of stake model over the proof of work is its ability to process high-speed transactions at a fraction of the cost.