Huge drop due to the 51% attack on its network and more to it the immediate ZEN sell alert from Palm Beach this morning(14hours ago).ZenCash Target of 51% Attack; Loses More than $500k in Double Spend Transactions.
QUICK OVERVIEW OF ZENCASH NETWORK:
ZenCash is a platform with the latest privacy technology and a self-sustaining funding model with protocol-level solutions". ZenCash was created as a fork of Zclassic (itself a fork of ZCash). The fork occurred at block number 110,000 on the ZClassic blockchain, which took place on May 18th 2017. As such ZenCash shares a number of features with ZClassic and ZCash, including use of zk-snarks for privacy. Additionally, ZEN incorporates incentivized 'Secure Nodes' (via protocol-level mining rewards - see supply section below) which provide encrypted node-to-node communication across the ZenCash network.
ZenCash retains the general mining and supply structure of its ancestor chains going back to bitcoin: distribution is fully proof-of-work, with a 4 year halving timeframe. This, plus the initial block-reward of 12.5 ZEN and 2.5 minute average block-times yields a near-identical supply curve to bitcoin, capping out at about 21million ZEN over time.
The ZenCash protocol specifies a mining rewards split between three groups: 88% of each block's production goes to miners, 8.5% goes to the core ZenCash team, and 3.5% goes to Secure Node operators.
Marketcap (current) $85.22M
Price (USD) $21.29
Price (BTC) 0.0028฿
24hr Change (%) -14.64%
24hr Trade Volume $14.94M
All Time High $65.16
All Time High Date 2018-1-10
% down from ATH 67.32%
1 week -30%
1 month -44%
3 months -25%
6 months -40%
1 year 28%
After loosing -35.25% during this 51%attack on its network, price is currently at a support level where it is which it broke out from on the 2nd of April 2018.
With alot of supports and resistance levels as it bounces up back.The next target being the blue line at 0.00319007sats
A trendline acts as a SAR(SUPPORT and RESISTANCE) line. Some speculate that it is a slight imbalance of buy or sell orders. Clearly that is true, but why does price hit a trendline and reverse? Good question. This could also be a self-fulfilling prophecy, where traders expect a reversal at a trendline and their selling or buying makes it so.
AS price is being held here at its current zone, more move to the upside.
BUY: at current price
SELL: 0.00319007sats, 0.00370084sats to the upside.
STOP LOSS: 0.00259536sats
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.