Zcash’s Ironwood upgrade boosts token, but is it enough for ZEC to break its bearish trend?

Zcash [ZEC] gained 3.2% over the past 24 hours and is trading at $475.95 at the time of writing, outperforming a largely flat Bitcoin [BTC] after the successful rollout of its highly anticipated Ironwood network upgrade. Activated on July 28, the upgrade fixed a previously disclosed counterfeiting flaw by replacing the older Orchard shielded pool with a more secure version.

Within the first 24 hours, approximately 176,000 ZEC worth about $80 million had already moved to the new system, indicating strong early adoption and that confidence has been reinstated in the network as a whole.

With Bitcoin trading largely sideways, ZEC’s gains appear to have been driven primarily by its own network developments rather than broader market momentum. With that said, is this upgrade enough to sustain this increase?

Is ZEC’s rally the start of a reversal?

Zcash has rebounded 3.2% over the past 24 hours, but the move may not be enough to signal a broader trend reversal. On the daily chart, ZEC is trading above a long-standing support zone between $361.59 and $377, an area that has repeatedly attracted buyers since early May. While this has helped prevent a deeper decline, the token has yet to establish a convincing higher high, leaving the broader bearish structure intact.

Volume also offers little confirmation that buyers are regaining control. The On-Balance Volume (OBV) indicator has remained largely flat before gradually turning lower, suggesting buying demand has been too weak to outweigh selling pressure.

Momentum indicators paint a similar picture. The MACD recently crossed below the zero line, a sign that bearish momentum continues to dominate, and the Relative Strength Index (RSI) remains below the neutral 50 level, indicating that the recent price bounce has yet to be supported by stronger market momentum.

The four-hour chart reinforces this cautious outlook. While ZEC was trading around $474 at the time of writing after recovering over the past day, the move appears more consistent with a short-term relief rally than the start of a sustained uptrend.

OBV continues to trend lower, showing that sellers still hold the advantage despite the recent recovery. Meanwhile, the MACD crossover below the zero line, along with the RSI remaining just below the neutral 50 level, indicates that bullish momentum is still limited.

Final summary

• The success of the Ironwood upgrade has restored confidence in Zcash’s network, resulting in the token’s recent price increase.
• Unless buyers return with stronger momentum, ZEC may struggle to extend its rally and remain within its broader downtrend.