Zcash Price Recovers 50% Following Network Upgrade Proposal

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 4 days ago

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Price Recovery: Zcash's price has rebounded approximately 50% from last week's lows, with market capitalization recovering from $5 billion to nearly $7.5 billion, indicating increased investor confidence following the network upgrade proposal.
Network Upgrade Proposal: Zcash founder Zooko Wilcox's proposed Ironwood upgrade will enable users to verify the circulating supply by summing balances across active pools, aimed at enhancing transparency and preventing counterfeit coin transactions.
Enhanced Security Measures: The upgrade will introduce AI-assisted security audits and restrictions on transactions to mitigate the risk of counterfeit ZEC, ensuring the safety of user funds and reinforcing trust in the network.
Development Progress: Following the vulnerability disclosure, the development team implemented a two-stage response, first temporarily disabling Orchard transactions via a soft fork, and then activating the NU6.2 hard fork on June 3 to resolve the underlying issues, ensuring system stability.

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Technical Analysis for ZEC

Technical Sentiment Analysis for Zcash (ZEC). As of , Zcash (ZEC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for ZEC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, ZEC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Zcash (ZEC) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	-142.8	53.66	237.08	433.54	616.96	813.42	996.84
Fibonacci	53.66	198.774	288.426	433.54	578.654	668.306	813.42

About ZEC

Zcash is a decentralized cryptocurrency focused on privacy and anonymity. It uses the zk-SNARK zero-knowledge proof technology that allows nodes on the network to verify transactions without revealing any sensitive information about those transactions.Contrary to a common misunderstanding, the majority of cryptocurrencies on the market, including Bitcoin (BTC), are not anonymous, but rather pseudonymous; while they do not explicitly reveal the identities of their users, each user has their own public address or addresses which can be traced back to them via the methods of data science and blockchain forensics.Zcash transactions, on the other hand, still have to be relayed via a public blockchain, but unlike pseudonymous cryptocurrencies, ZEC transactions by default do not reveal the sending and receiving addresses or the amount being sent. There is an option, however, to reveal this data for the purposes of auditing or regulatory compliance.Zcash was first released on October 28, 2016, and it was originally based on Bitcoin’s codebase.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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