Zcash to Upgrade Ironwood to Fix Vulnerability
- Security Vulnerability Fix: Zcash identified a critical flaw in the Orchard shielded pool that could allow unlimited counterfeit ZEC minting, prompting the introduction of a new shielded pool in the upcoming Ironwood upgrade to enhance network security and preserve privacy features.
- Transaction Redirection Mechanism: The new design will leverage Zcash's turnstile mechanism to ensure the circulating supply of ZEC remains within valid limits while disabling payments between users in the existing Orchard pool, thereby mitigating potential risks.
- User Fund Migration: Developers are encouraging users to migrate funds from the old Orchard pool to the new Ironwood pool to reduce exposure to potential risks and provide evidence that no unauthorized token creation has occurred, ensuring network security and transparency.
- Market Reaction: Following the vulnerability disclosure, ZEC's price initially plummeted over 50%, but it has since rebounded by more than 10% in the past 24 hours, indicating a gradual restoration of market confidence in the upcoming upgrade.
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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 |
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