web3: Zcash pulls back 1%, Ironwood migration and futures demand continue to rise

Zcash (ZEC) saw a sharp rise on Monday before a slight pullback on Tuesday, falling by about 1%. However, the on-chain shielded pool migration and the active derivatives market are still supporting demand, with the market focus turning to whether ZEC can break a key resistance level in the short term.

Ironwood shielded pool holdings rise to 3.07 million

Data shows that migration to Zcash’s new Ironwood shielded pool is ongoing. According to Zkp.baby data, as of Monday, the Ironwood shielded pool held 3.07 million ZEC, accounting for about 70% of all shielded pool holdings.

By comparison, holdings in the old Orchard shielded pool have dropped to 761,900 ZEC. Users are continuously transferring assets into the new pool, reflecting the market’s cooperation with network security adjustments while maintaining demand for privacy features.

Previously, a forgery vulnerability was discovered in Zcash’s old shielded pool infrastructure, after which the network began promoting migration to Ironwood. The current expansion in migration means adoption of the new shielded architecture is on the rise.

Futures open interest remains close to $924 million

In the derivatives market, CoinGlass data shows ZEC futures open interest fell by 1% in the past 24 hours, down to $924.16 million. Although the figure has slipped slightly, overall scale remains at a high level.

This change typically means some traders have closed positions, or have concentrated more funds into existing contracts. Coupled with the recent rapid price increases, participation in the futures market continues to be seen as a key factor supporting ZEC’s trading momentum.

Price approaches $528 resistance level

On Tuesday, ZEC remained above $500 and above the 50-day exponential moving average of around $490. The longer-term 200-day exponential moving average sits at about $420, also continuing to provide medium-term support.

From a daily chart structure, ZEC is fluctuating within a converging triangle pattern, with the price gradually approaching the end of the formation. The market’s current focus is on the first resistance level near $528. If the daily chart can maintain above this level, the price may further test the $595 area, followed by the round number of $600.

However, if the price falls back below the 50-day moving average, there may be further room for a short-term correction to around $470; should selling pressure continue to increase, the next major support level would be at around $420.