ZEC rebounded from around $440 on July 7th and rose by 16% in Japan. Not only does this round go hand in hand with price repair, but it also goes hand in hand with security upgrades at the Zcash level, and the focus of the market has shifted to a position of resistance at the $550 line.

Ironwood verify progress release

The official validation of Zcash ' s Ironwood upgrading of the mine is being advanced. The objective of the validation is to check key components in a mathematical manner prior to deployment and to eliminate, to the extent possible, undetectable forgeries.

Security upgrades often affect currency confidence more than short-term market promotion for sector-chain networks with privacy functions at their core. After this progress was announced, ZEC re-introduced the purchase after holding the $440 back.

$550 is a short-line focus.

Currently, ZEC is approaching a critical resistance area near $550. If the purchase continues to increase and pushes the price out of this position, the subsequent upper space may point to the vicinity of $636.

However, if the price is blocked in the vicinity of $550, the short-line movement is likely to recede and the $440 support area that previously triggered a rebound is tested again.

  • The starting point of the day rebound: around US$ 440
  • Critical resistance position: around $550
  • Above area of concern: near $636

$440 support is still the key.

In terms of the current structure, as long as the price remains above $440, the recovery will remain valid. If the pressure of the sale resumes its dominance and if the $440 fails, the response may be further expanded.

It was reported that, under such circumstances, the market might face a deeper round of adjustment, either below the price or in the $300 area.

Overall, ZEC is currently at the stage where the basic aspects of the agreement are being improved in tandem with technical resistance. The Ironwood test of whether progress can continue to support the purchase and push prices over $550 will be the focus of next market observations.