Zcash (ZEC) Retreats From $505 Peak — Why Traders Are Watching $490 Resistance
The post Zcash (ZEC) Retreats From $505 Peak — Why Traders Are Watching $490 Resistance appeared on BitcoinEthereumNews.com. Key Takeaways Zcash reached $505 before retracing to approximately $466 following significant profit-taking activity near the psychological $500 level The forthcoming Ironwood network update, scheduled for late July, is designed to eliminate undetectable counterfeiting vulnerabilities within Zcash’s shielded transaction framework A major supply milestone has been reached with 80% of ZEC’s capped 21 million token supply now in circulation, intensifying scarcity narratives Technical analyst Ardi highlights that a decisive move above $480 compound resistance could propel ZEC toward the $500–$540 range Contrarian analyst Aladdin_LCA identifies a possible head-and-shoulders formation and cautions that long positions face heightened downside risk Zcash (ZEC) has experienced a notable correction from its recent peak near $505, settling around $466 as market participants