- Zcash price rises by 4 percent as Ironwood surpasses Orchard on day that sees ZEC test crucial resistance at $526!
- Zcash price remains above key EMAs as RSI touches 64.57 amid $526 resistance levels today.
- Ironwood owns more ZEC than Orchard as NU7 voting gets closer amidst network development today.
Zcash price activity has strengthened as ZEC climbed about 4% to $522.76, while its market capitalization reached $8.78 billion and 24-hour trading volume rose 5.48% to $259.17 million.
The move came as ZEC traded above $520 and approached several resistance levels identified on the 4-hour charts. At the same time, activity within the Zcash ecosystem has shifted toward the newly launched Ironwood shielded pool, which now holds more ZEC than Orchard.
The change has also become relevant to the upcoming NU7 governance process, while development activity reported by the Zcash Foundation has included multiple Zebra releases and faster node synchronization.
Zcash Price Tests Key Resistance Levels
Zcash traded around $522.7 after recovering from the $502 area on the 4-hour timeframe. The price moved above the 0.786 Fibonacci level at $519.46 and approached resistance between $525.44 and $526.47.
The latest chart showed ZEC near $522.73, with the $525.44 level identified as resistance. The recent high was around $526.47. A move above these levels would place $530 as the next level shown on the chart.
The technical indicators also showed a positive structure. ZEC remained above its 20 EMA at $509.04, 50 EMA at $500.28, 100 EMA at $496.57, and 200 EMA at $492.89. The RSI was 64.57, while the RSI average stood at 58.03.
Source: Trading View
Other technical levels included $514.62, $511.23, $507.83, and $503.62. The Bollinger Band middle line was at $506.91, while the upper and lower bands were approximately $523.90 and $489.92.
A separate support and resistance reading placed major support at $488.21. The charts therefore showed multiple support areas below the current trading level.
Key technical levels
- Resistance appeared around $525.44 to $526.47.
- The $530 level was shown above the recent resistance area.
- Support levels included $519 to $514 and the broader $488.21 zone.
Ironwood Becomes Zcash’s Largest Shielded Pool
Zcash has also recorded a significant shift in shielded pool balances following the July 28 NU6.3 activation. CipherScan’s Ironwood tracker showed approximately 2.1 million ZEC in Ironwood compared with about 1.7 million ZEC remaining in Orchard.
The change followed the migration of ZEC into Ironwood after the upgrade. Zcash had previously reported that more than one million ZEC moved into Ironwood within seven days.
The balances represent ZEC moving between shielded pools rather than new market purchases. Ironwood balances also remain spendable, meaning the ZEC held there is not permanently locked from use.
The increase in Ironwood balances has also connected the pool with Zcash governance. Under the NU7 coinholder voting proposal, voting is scheduled to begin on August 25. Eligible shielded balances are expected to be determined through an Ironwood snapshot before voting begins.
Organizers are seeking participation involving at least one million ZEC for the outcome to be considered representative. The proposed snapshot would therefore make Ironwood balances relevant to the next network upgrade’s governance process.
Zcash Foundation Reports Development Progress
Development infrastructure also recorded activity during the second quarter. The Zcash Foundation’s Q2 report said seven Zebra releases were completed during the quarter.
The report also detailed improvements to synchronization performance. A node synchronization from genesis to the current chain tip was reduced to approximately 14 hours without stalls.
The Foundation ended June with approximately $48.8 million in liquid assets. This figure included 78,986 ZEC. The reported financial position and development activity provide additional data points alongside the changes taking place in the network’s shielded pools and governance process.
For the market, the immediate technical focus remains around the $525.44-$526.47 resistance area. The charts show $530 above that zone, while levels around $519-$514 and $509 provide lower reference points if ZEC moves below its current range.
FAQs
What is Zcash trading at?
Zcash was trading around $522.7 based on the provided market and chart data.
What is the key Zcash resistance level?
The charts show resistance between $525.44 and $526.47.
How much ZEC is in Ironwood?
CipherScan’s tracker showed roughly 2.1 million ZEC in Ironwood.
When does the NU7 vote begin?
The NU7 coinholder voting process is scheduled to begin August 25.
How much liquid assets did the Zcash Foundation report?
The Foundation reported approximately $48.8 million in liquid assets at the end of June.
