Zcash (ZEC) gained 3.2% over the past 24 hours to trade at $475.95, outperforming a largely flat Bitcoin market after the successful rollout of its Ironwood network upgrade, according to a July 31 report from AMBCrypto.
The upgrade activated on July 28 and addressed a previously disclosed counterfeiting vulnerability by replacing the older Orchard shielded pool with a new system. Within the first 24 hours of activation, roughly 176,000 ZEC — worth about $80 million — had already moved into the upgraded pool.
Price Action Still Capped by a Broader Downtrend
On a four-hour chart, ZEC traded around $474, holding above a support zone between $361.59 and $377. Even with the bounce, the token remains within a broader downtrend that has defined recent months of trading.
Momentum Indicators Point to Caution
Technical indicators tell a more cautious story than the headline price gain. On-Balance Volume stayed flat before turning lower, the MACD crossed below its zero line, and the Relative Strength Index sits below the neutral 50 level — all signs of fading buying pressure even as the price ticks higher.
AMBCrypto's analysis describes the move as “more consistent with a short-term relief rally than the start of a sustained uptrend.”
Unless buyers return with stronger momentum, ZEC may struggle to extend its rally and remain within its broader downtrend.
The upgrade itself addressed a real security concern, but with the broader crypto market capitalization at $2.264 trillion and Bitcoin dominance at 56.43%, Zcash's bounce has so far done little to shift its standing among the market's roughly 18,090 active cryptocurrencies.
