web3: Zcash is down 1%, and Ironwood migration and futures demand are still rising

Zcash (ZEC) fell by about 1% on Tuesday after a big week. However, chain-based shielding and derivatives market dynamism are still supporting demand, and the market focus is shifting to ZEC to break critical resistance positions in the short term.

The Ironwood shield holds up to 3.07 million.

Data shows that the migration of the new Zcash Ironwood shield is continuing. Zkp.baby data show that, as of Monday, 3.07 million ZECs had been held in the Ironwood shield, accounting for about 70 per cent of the total holding tank.

In contrast, the holding of the old Orchard shield has been reduced to 76.19 million ZECs. Users continue to transfer assets to new pools, reflecting the market ' s ongoing alignment with network security, while retaining the need to use privacy functions.

Previously, the Zcash old shield-pool infrastructure had been found to have forgeries, and the network had then begun to facilitate migration to Ironwood. The expansion of the current migration has meant that the rate of adoption of the new version of the shield structure is increasing.

Futures are still close to $924 million.

On the derivatives market, CoinGlass data show that the ZEC futures contracts have fallen by 1 per cent over the past 24 hours to $924.16 million. Although the values have fallen slightly, the overall size remains high.

This change usually means that some traders are settled or that more funds are pooled into existing contracts. In conjunction with the recent rapid upswing in prices, the participation of futures markets is still seen as an important factor underpinning the heat of ZEC transactions.

The price is closing at $528.

ZEC continues to operate on Tuesday above $500 and is above the 50-day mean moving index of approximately $490. The longer-term 200-day movement of the index average is in the order of $420 and continues to provide medium-term support.

From the solar-line structure, ZEC is constricting inter-triangular fluctuations and prices are moving towards the end of the form. The market's current concern is in the vicinity of US$ 528. If this position is on the active dayline station, the price may be further tested for an area of approximately $595, followed by an integer of $600.

However, if prices fall again by the 50-day average, the short-line recall space may be expanded to close to $470; if the pressure continues to increase, the next main support position will be in the line of $420.