The crypto world is buzzing with news from the Zcash ecosystem. Noir Wallet is officially live on the public mainnet and is now available on the Chrome Web Store. This launch is a breath of fresh air for privacy coin supporters because it brings the privacy by default feature that has always been the main selling point of Zcash.
This launch is not just another app release. It is a real effort by the Zcash team to make the coin easier to use for everyday people through browser accessibility. But we still need to be critical here. Many wallets launch in the market, so we have to see if this can actually fix the accessibility issues that have been holding Zcash back for a while. The news about upcoming ZECFi or Zcash DeFi support is definitely interesting. This might be the deciding factor on whether Zcash can truly compete in a DeFi world that is usually dominated by transparent protocols.
ZEC Price Technical Analysis
Let’s break down the ZEC price movement from a technical perspective.
Looking at the big picture on the 1 week timeframe, ZEC shows a very strong recovery from the bottom. Right now, the price is testing a major resistance zone between 757.60 and 640.25 dollars. If it can break through this area, the bullish momentum could keep going.
On the 1 day timeframe, the price looks like it is in a healthy consolidation phase after the recent pump. As a reference, traders need to watch the support levels. The first support is in the zone of 310.00 to 272.85 dollars, the second support is between 204.46 and 165.37 dollars, and the final critical support sits in the zone of 45.50 to 37.25 dollars.
Market Data and Liquidations
Here is a look at the current market condition using the latest data.
Trading volume shows a big jump that matches the price increase. This high volume reflects that market interest in ZEC is currently very high.
Total liquidations over the last 24 hours are around 11.39 million dollars. About 10.28 million dollars came from long position liquidations, and 1.11 million dollars came from short positions.
Is This Sustainable?
Honestly, I am a bit skeptical if we are only relying on a wallet launch to keep the price at this level. The crypto market is brutal, and often, good news is just used as an excuse to sell the news.
My criticism is simple. Zcash has a heavy burden when it comes to privacy regulation. The more successful and private they become, the more attention they get from regulators. If Noir Wallet can really protect privacy without breaking legal boundaries, that is great. But if they keep getting chased by compliance issues, it will be hard for ZEC to last in the long run.
In short, ZEC is in an interesting spot right now. Keep your eyes open, don't just look at the green charts, and watch those support zones and the liquidations happening behind the scenes.
Source
Noir | Private by Default
