Zcash Crypto Breaks Bearish Streak, Eyes Recovery After Major Upgrade

Key Insights:

• Zcash crypto concludes a week of sustained daily red candles but has been pivoting in the past 24 hours.
• The Zcash network prepares for a major upgrade this week, which will fix a major flaw while improving onchain verification.
• ZecMap reveals that Zcash could soon be used to purchase real estate.

The Zcash crypto price briefly recovered above $500 in the past 24 hours, signaling that the bears might be losing their grip. They were previously at the helm for 7 consecutive days, delivering one of the ZEC’s most bearish weeks in recent history.

The current analysis shows that Zcash crypto price tanked by 8.5% last week, falling from $517 to $473. More notably, the decline unfolded over seven consecutive sessions, with Zcash posting seven straight daily red candles.

ZEC price hovered at around $504 at press time, which was equivalent to a 3.8% daily price gain. It was on track to conclude the day with a green candle to kick off the new week. That positive turn could mark the end of last week’s bearish streak.

While the ZEC price performance in the last 24 hours could mark the start of a relief rally, it was not the only reason for excitement this week.

Zcash Crypto Could Benefit from a Major Network Upgrade This Week

The Zcash crypto network is slated to go through a critical network upgrade on Tuesday. The upgrade, dubbed Ironwood, introduces several protocol enhancements designed to strengthen the Zcash network.

The upgrade is expected to patch a recently discovered counterfeiting flaw in the Orchard shielded pool. Zcash developers found the issue during security research, with no evidence that counterfeit ZEC entered circulation.

The Ironwood upgrade will facilitate the Orchard pool replacement with a new shielded pool. The upgrade will also make it possible for node operators to verify circulating supply.

But what exactly does this mean for the Zcash crypto? Well, one of the biggest benefits of the upgrade will be the elevated security, which could boost investor confidence. It may increase the demand for Zcash crypto and thus facilitate a positive ZEC price reaction.

Nevertheless, ZEC price has already kicked off this new week on a bullish leg. The news about the Zcash network upgrade may provide the extra boost that the cryptocurrency needs to achieve more recovery over the next few days.

Zcash Crypto Could BE About to Dive Deep into Real World Utility

Zcash crypto benefits from a niche use case due to its status as a privacy coin. However, it may soon expand beyond that niche, potentially driving broader adoption and demand.

Zcash holders may soon be able to purchase real estate. ZecMap, a community-driven, open-source directory mapping businesses that accept Zcash payments, announced on X that the cryptocurrency could soon be used for home or land purchases. Moreover, this may become a reality across different countries.

This kind of real-world utility would mark a major milestone for Zcash crypto. The potential implications could include more adoption since the use of Zcash for real estate purchases would enhance the cryptocurrency’s appeal.

While a real-world utility milestone may boost sentiment around ZEC price, the real outcome will become more apparent in the long run. For now, the Zcash crypto is headed for an exciting week.

The analysis of the weekly TradingView chart pointed to some notable technical developments. Capitulation may push the price towards $430 for a retest of its 6-month support level. The other side of the coin suggests that it could rally above $600 before encountering the next key resistance level.

Zcash trading volume has been on an overall downtrend since June. Interestingly, it is now at levels where it bounced back in March.

Note:
Readers should conduct their own research and consult a qualified financial advisor before making any investment decisions. Cryptocurrency investments carry significant risks and may not be suitable for every investor.

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