Zcash Defies $500 Support Amidst Ironwood Upgrade Fears

Zcash has fallen towards the $500 psychological support after losing over $20 to long liquidations. The token's price dropped following a 4-hour breakdown, and market sentiment weakened before the Ironwood upgrade.

Sellers have taken control of ZEC, forcing bulls to reclaim $530 to neutralize the bearish structure. A daily close below $477 could expose $466 and the rounded-top target near $371.

The token's price has formed a rounded-top pattern on the 4-hour chart since its July 15 peak near $580. The Relative Strength Index stands at 35.11, close to oversold territory but still above 30.

Trader Ardi expects a brief move below $500 before any sustained recovery. A reclaim of $530 would return the chart to neutral and likely begin a sideways consolidation phase.