Zcash surged 3.2% in the past day, reaching $475.95 after rolling out its Ironwood upgrade on July 28. This update replaced the old Orchard shielded pool with a more secure version, solving a previously known counterfeiting vulnerability. Within 24 hours, about 176,000 ZEC, valued around $80 million, migrated to the new system, signaling strong user confidence in the network’s security improvements.
Despite Bitcoin hovering flat, ZEC’s uptick seems driven by its own technical progress rather than market trends. However, the recent price boost might be just a short-term rebound rather than a full reversal. ZEC remains above a support zone between $361.59 and $377, which has held since early May, but has yet to form a higher high that would confirm a bullish turn.
Signs of caution amid the rally
Volume indicators don’t show a clear shift in control. The On-Balance Volume (OBV) has been mostly flat and is trending lower, indicating sellers still outweigh buyers. Momentum metrics tell a similar story: the MACD recently dipped below zero, and the RSI remains under 50, both suggesting bearish momentum is still dominant. On the four-hour chart, the rebound to around $474 looks like a relief rally rather than a sustained uptrend, with OBV and momentum indicators reinforcing the cautious outlook.
While Ironwood’s rollout restored some trust in Zcash’s network, the token faces an uphill battle to break out of its bearish pattern. The upgrade’s impact is clear in adoption numbers, but broader market sentiment and trading dynamics have yet to fully turn in favor of bulls.
This content is for informational purposes and should not be viewed as financial advice.
