Zcash Price Forecast: ZEC extends gains amid rising retail strength, Ironwood pool adoption

• Zcash is up 5% on Monday, with bulls eyeing the breakout of a symmetrical triangle pattern.
• The shielded volume of the Ironwood pool has crossed 3 million ZEC, pointing to rapid migration from the Orchard pool.
• Retail strength holds firm with ZEC futures Open Interest up 6% and a positive funding rate. 

Zcash (ZEC) is up 5% on Monday, erasing the 4% losses from the previous week. The privacy coin gains retail strength amid rising user adoption, with Open Interest up 6% in 24 hours as Ironwood pool shielded volume crosses 3 million ZEC tokens. Zcash’s technical outlook is mildly bullish as the price approaches the apex of the symmetrical triangle pattern. 

Ironwood migration boosts Zcash retail demand

Zcash’s Ironwood’s creation is linked to the counterfeit vulnerability found in the Zcash mainnet pool. Ironwood pool migration is gaining traction, with the shielded volume crossing 3 million ZEC tokens on Monday. Zkp.baby data shows the new pool now holds 3.07 million ZEC, accounting for 70% of the total ZEC shielded volume, while the older Orchard pool volume is down to 761,889 ZEC. 

The privacy coin shows early signs of renewed retail strength. CoinGlass data shows that ZEC futures Open Interest (OI) has increased by over 6% in the last 24 hours to $934.60 million, suggesting an increase in the notional value of active contracts or a positional buildup. At the same time, the short liquidations of $2.08 million outpace long liquidations of $414,220, pointing to a bearish wipeout. 

Meanwhile, the OI-weighted funding rate remains elevated at 0.0071%, signaling persistent buy-side dominance. Taken together, the growing adoption and migration to Ironwood pool are fueling retail strength.

Technical outlook: Will Zcash price reach $600?

Zcash is trading above $500 on Monday, maintaining a bullish bias as the price holds above the 50-day Exponential Moving Average (EMA) at $490, which aligns with the broader uptrend supported by the 200-day EMA near $420. From a technical perspective, the privacy coin price is contracting between two converging trendlines, forming a symmetrical triangle pattern.

Momentum gauges back this stance, with the Relative Strength Index (RSI) at 55 on the daily chart, showing an uptick above the midline as buying pressure resurfaces. At the same time, the Moving Average Convergence Divergence (MACD) is marginally below its signal line, hinting at lingering downside pressure.

On the topside, initial resistance emerges at the overhead trendline near $528, and a sustained breakout could target the 78.6% Fibonacci retracement level, measured over the downswing from $690 to $250, at $595.

On the downside, immediate support is seen at the 50-day EMA near $490, ahead of the 50% Fibonacci retracement at $470, while deeper dips would likely find stronger demand around the 200-day EMA at $420.

(The technical analysis of this story was written with the help of an AI tool. Know more.)