Zcash (ZEC) Price: ZEC Hit $505 Then Dropped — Here’s Why Analysts Still See More Upside

TLDR

• ZEC hit $505 before pulling back to around $466 after profit-taking near the $500 resistance zone
• The Ironwood upgrade, due later this month, aims to eliminate hidden counterfeiting risks in Zcash’s privacy pools
• 80% of ZEC’s fixed 21 million supply has now been mined, raising scarcity discussions
• Analyst Ardi says a break above $480 compound resistance could push ZEC back toward $500–$540
• Bearish analyst Aladdin_LCA warns of a potential head-and-shoulders pattern and sees elevated risk for long positions

Zcash (ZEC) has pulled back from a high of around $505 to approximately $466 after traders locked in profits near the $500 resistance level. The move followed a nearly 28% rally driven by optimism around the upcoming Ironwood network upgrade.

The selloff was partly triggered by leveraged longs that had built up near $500, which allowed market makers to push prices down through a wave of long liquidations. Despite the drop, ZEC has held above the $440 support level that traders have been watching.

Santiment flagged something interesting on the social side. A month ago, $ZEC social volume spiked to 1,116 mentions on the exact day the price bottomed at around $362, triggered by news of the Orchard shielded-pool counterfeiting flaw. Since then, social mentions have stayed quiet, ranging between 24 and 69 per day — even as ZEC climbed roughly 29% from that low. Santiment noted: “The noise marked the bottom. The silence is marking the repair.”

The Ironwood upgrade, expected later in July, is designed to introduce a mathematical proof that rules out undetectable counterfeiting inside Zcash’s privacy pools. It follows June’s emergency response to the Orchard vulnerability.

Technical Picture

On the charts, ZEC is testing a confluence of resistance: the 0.786 Fibonacci retracement, the upper Bollinger Band, and horizontal resistance near $490. Analyst CryptDollar highlighted this zone as the key level to watch on the daily chart.

Analyst Ardi identified a compound resistance around $480 where a descending trendline meets horizontal resistance. He said a sustained close above that level could open the path back to $500 and beyond toward $540.

The Chaikin Money Flow sits at 0.13, indicating buying pressure still outweighs selling. The Aroon Up indicator is above 92%, and TradingView’s moving average summary rates ZEC a Strong Buy. Momentum oscillators, however, are neutral.

Bearish Case Still Alive

Not everyone is bullish. Trader Aladdin_LCA maintained his bearish view, pointing to a potential head-and-shoulders pattern and an anti-butterfly harmonic setup on the daily chart. He said he would only turn bullish if ZEC breaks decisively above major resistance or resets with a fresh low.

CoinGlass data shows dense short liquidation clusters between $480 and $500, which could fuel a short squeeze if buyers reclaim that zone. Long liquidation liquidity sits near $450.

Supply Milestone

Zcash confirmed that 80% of its fixed 21 million ZEC supply has now been mined. The project also referenced Shielded Labs’ Network Sustainability Mechanism, aimed at supporting long-term security as block rewards decline.

ZEC was recently trading between $460 and $480, with the $490 zone remaining the key level for the next directional move.

The post Zcash (ZEC) Price: ZEC Hit $505 Then Dropped — Here’s Why Analysts Still See More Upside appeared first on CoinCentral.