Zcash activated the Ironwood upgrade on July 28, sealing the vulnerable Orchard shielded pool and opening a replacement pool under NU6.3 rules. A critical flaw allowing unlimited counterfeiting of ZEC within the private Orchard pool was discovered on May 29 by Taylor Hornby, causing ZEC to plunge from $624 to $309 within 48 hours, nearly halving its value. At publication, ZEC traded around $474, below the $500 level that had held for much of July, with $926.4 million in open interest and $1.14 billion in 24-hour futures volume. Key technical levels to watch are $500 as first resistance, followed by $530, $550, and $585.80 to reclaim July’s peak. The next rebound will depend on migration into the new pool and spot demand above $500, as a rally driven mainly by futures could reverse once liquidations clear.
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