Zcash Price Tumbles Towards $500 Support Ahead of Ironwood Upgrade
Zcash's price has been under pressure as it approaches the $500 psychological support level. According to data from crypto.news, Zcash ($ZEC) traded near $502 on July 24 after losing about 5.5% over the past week.
The token lost $520, and more than $2 million in long positions were liquidated over 24 hours. Automated stop orders added pressure once price slipped through intermediate support at $510.
Outside crypto, Thursday's technology rout reduced demand for risk assets. The Magnificent Seven erased about $797 billion in market value after Alphabet and Tesla's earnings raised concerns over heavy artificial intelligence spending.
The Nasdaq Composite fell more than 2%, while Tesla dropped 14% and Alphabet lost almost 7%. Oil and bond markets added another obstacle, with Brent crude briefly moving above $100 after Houthi attacks on two Saudi tankers raised fears of disruption in the Red Sea.