Zcash Price Is Up By 5.98% – Time To Buy ZEC?
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- Filecoin provides a $5M Grants Pool for Zcash projects
- Shielded Zcash gets Support from Edge
- Zcash now acceptable on E-Commerce Plugins
Zcash has surged by 5.98% in the last 24 hours. This presents an opportunity for investors to buy ZEC following an increase of 2% of the global crypto market.
Zcash is a privacy and anonymity-focused decentralised cryptocurrency. It employs the zk-SNARK zero-knowledge proof technology, allowing network nodes to verify transactions without disclosing any sensitive information.
Filecoin provides a $5M Grants Pool for Zcash projects
Through a new agreement, the Filecoin Foundation and Electric Coin Co. (ECC) collaborate to enhance Zcash, Filecoin and larger Web3 ecosystems by creating a joint grants pool with $5 million accessible for Filecoin and Zcash projects.
In addition to the beginning of the RFP-style awards programme, ECC’s Halo 2 codebase is being available under the MIT licence, which is simpler and more permissive than its prior open-source licence.
The Zcash, Filecoin, and Ethereum communities all share a vision of an open internet that respects the agency of every user and community, said ECC Founder and CEO Zooko Wilcox.
They mentioned that the partnership is referred to as Web3, and the collaboration and technology will be a cornerstone in future.
Shielded Zcash gets Support from Edge
Edge, the self-custody cryptocurrency wallet, has implemented complete support for shielded Zcash (ZEC) in the newest update to both iOS and Android. Given Edge’s strong focus on privacy preservation in everything they do, the integration of Zcash is a natural next step – and the timing is crucial.
The Halo proving system, which eliminates trusted setup and serves as a catalyst for user confidence and scalability, will be implemented by Zcash soon. It’s one of several enhancements on the roadmap that make the protocol more appealing, faster, and less expensive to build on for others.
Edge will fully support this upgrade (Network Upgrade 5) and is looking forward to new capabilities such as unified addresses, ensuring that all of a customer’s Zcash is saved in the most recent protected pool, independent of the sender’s address type.
Zcash now acceptable on E-Commerce Plugins
Zcash is a cryptocurrency with thousands of users and is used by them for crypto exchange daily, including for payments of goods and services. NOWPayments’ solutions has now integrated Zcash into its product suites, meaning merchants can now accept Zcash as a payment method.
Faster block times make Zcash perfect for digital payments. This makes it lideal for internet retailers who want to adopt crypto payments but are put off with the slower processing time of assets like Bitcoin. Moreover, because of its low fees, Zcash transactions are primed for e-commerce transactions.
Finally, because Zcash transactions are more anonymous – which adds an air of security for customers who don’t want to reveal their personal details.NOWPayments Plugins are supported on e-commerce platforms such as PrestaShop, Shopify, WooCommerce, and more.
Zcash Technical Analysis
At press time, Zcash’s price is at $176.1. In the last 24 hours, Zcash has surged by 5.98%, with a 24-hour trading volume of $276 million.
The technical indicators of Zcash show a slightly bearish value. The crypto asset is trading across the 78.6% Fibonacci retracement threshold of $176.7, which means ZEC will likely see support below that level. However, a broader market bull run could see it rise and break above.
The digital asset’s Relative Strength Index (RSI) stands at 47.56. This shows that ZEC is in the underbought zone, presenting an opportunity for investors to buy ZEC and rise with the market.
Furthermore, Zcash’s asset is trading a little below the indicator, with a 50-hour Simple Moving Average (SMA) value of $176.3. This also shows that the asset is slightly bearish and may rise above the indicator in the long term.
The Moving average convergence and divergence (MACD) indicator shows a weak sell signal.
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