Zcash dips 1% as Ironwood adoption and futures demand strengthen

Key takeaways

• Zcash dipped 1% on Tuesday following Monday's rally. day,
• The Ironwood shielded pool now holds 3.07 million ZEC, representing 70% of total shielded volume.
• ZEC is approaching the apex of a symmetrical triangle, with resistance near $528.

Zcash (ZEC) dipped 1% on Tuesday despite the massive rally on Monday. The surge earlier this week comes as rising Ironwood adoption and stronger derivatives activity supported demand.

The privacy coin trades above $500 and is approaching the apex of a symmetrical triangle pattern. A breakout above the upper trendline could strengthen the bullish outlook and bring the $600 region into focus.

Ironwood shielded volume crosses 3 million ZEC

Migration to Zcash's Ironwood shielded pool continues to gain traction following the discovery of a counterfeiting vulnerability affecting the network's older pool infrastructure.

Data from Zkp.baby shows that Ironwood's shielded volume reached 3.07 million ZEC on Monday. The pool now accounts for approximately 70% of the total ZEC held in shielded pools.

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