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  • ZCash community votes for a new scheme of mining revenues distribution.
  • ZEC/USD may be poised for a technical correction within a long-term bullish trend.

Zcash (ZEC) has been one of the best-performing coins with over 30% of gains in seven days. The coin has had five bullish daily candles in a row so far and hit a new high of 2020 during early Asian hours on Thursday. At the time of writing, ZEC/USD is changing hands at $64.72, up 7.5% in recent 24 hours. ZEC’s trading volume is registered at $485 million, while the market cap reached $567 million. The coin takes the 25th position in the global cryptocurrency rating.

Zcash community votes for a new scheme of mining rewards distribution 

The community of the privacy-focused cryptocurrency ZCash decided on a new scheme that will be used for distributing mining rewards. According to the vote results, miners will continue receiving 80% of the rewards, the coin developer, Electric Coin Company, will get 7%, while Zcash Foundation will receive 5%. The remaining 8% will be used to finance third-party developments. The new structure will become effective as of November 2020, provided that Zcash Foundation and Electric Coin Company approve the changes. 

Also, the community voted against creating a US Dollar-denominated Monthly Funding Cap/Volatility Reserve for shares to Electric Coin Company, Zcash Foundation and major grants. Notably, Electric Coin Company stated that they would decline their funding should the cap be implemented.

ZEC/USD: technical picture

From the long-term point of view, ZEC smashed am important resistance of $56.00 created by SMA50 weekly and challenged $65.00 level. The coin is now trading at the highest level since the beginning of August 2019. Once a $65.00 barrier is out of the way, the upside momentum may gain traction with the next focus on $70.00. The ultimate long-term goal comes at $100.00 It is reinforced by SMA100 weekly ($104.00) and followed by $124.58, which is the highest level of 2019. 

Considering the upward-looking RSI on a weekly chart, ZEC is well-positioned for further growth; however, the short-term technical correction in imminent anyway. The coin is overbought on a daily chart, which means it may retreat at least towards the middle line of the daily Bollinger Band ($51.00). A sustainable move below this area will trigger more sell-off and push the price towards a psychological $50.00.

ZEC/USD weekly chart