I agree without completely.
Just keep in mind though, ASIC resistance is up to the development team. There is no such thing technically as ASIC resistance. ASIC resistance is about the project being willing to hard fork the algorithm in the event of an ASIC being developed.
For example if BTCP were to go flying and start crossing $1,000 to $2,000 with a real chance of it replacing Bitcoin, then you will have ASIC's for equihash too. At which point ZCash would need to change their proofing algo for BTCP to remain ASIC resistant.
An ASIC can be developed for just about anything. It is just a computer that has a single purpose and it is very efficient at doing that one thing. The problem is when things get memory intensive, designing an ASIC becomes very expensive. If the coin can be sold for a high enough amount then they will spend the resources to make an ASIC for something.