Zcash Gains 13% Ahead of Upcoming Ironwood Upgrade
Zcash gained 13.37% in 24 hours to $571.88, significantly outperforming the broader market rally, driven primarily by anticipation of the Ironwood network upgrade, which addresses a critical security vulnerability.
The rally is anchored to the scheduled mainnet activation of the Ironwood upgrade around July 28. This update eliminates a counterfeiting vulnerability disclosed in June within the Orchard shielded pool, which is central to Zcash’s privacy.
The upgrade directly addresses a major security concern that had undermined investor trust, providing a fundamental reason for renewed buying.
Futures open interest for ZEC briefly exceeded $750 million, up over 12% in 24 hours, indicating new speculative capital entering the market.
This was amplified by a positive macro shift, as a cooler-than-expected U.S. consumer price index (CPI) print eased fears of Federal Reserve rate hikes, boosting risk assets such as Bitcoin and altcoins.
The move was amplified by leverage and occurred in a favourable liquidity environment, though ZEC’s gains far outpaced those of the broader markets.
The technical structure is bullish, with the price above key moving averages such as the 9-day EMA at $514 and the daily RSI at 64.58, indicating room for further upside. The immediate target is the major resistance near $650.
The path of least resistance is higher, supported by the upgrade narrative and strong volume. A daily close above $550 would confirm the breakout’s sustainability, and any shift in derivatives funding rates could signal over-leverage. #Zcash Gains 13% Ahead of Upcoming Ironwood Upgrade#
