Zcash (ZEC) Price Faces Uphill Battle as Ironwood Upgrade Looms

Zcash (ZEC) price has taken a hit and is now trading near $500 after losing $520. The fall in price, combined with leveraged liquidations of over $2 million in long positions, has weakened market sentiment.

The bulls must reclaim the $530 level to neutralize the bearish structure, while the main breakout level remains at $550. A daily close below $477 could expose $466 and the rounded-top target near $371.

On the 4-hour chart, ZEC has formed a rounded-top structure since its July 15 peak near $580, with price now testing the $500 area. A confirmed breakdown could extend toward $470 before exposing the pattern's main support and projected target around $370.69.