Zcash price prediction: Can ZEC break above $562 after the Ironwood upgrade?

Zcash ($ZEC) has returned to the spotlight after posting another strong move alongside the broader cryptocurrency market.

The privacy-focused cryptocurrency climbed 1.5% over the past 24 hours to trade at $541.07, extending its monthly gain to nearly 20% while remaining one of the strongest-performing large-cap digital assets over the past year.

While the latest recovery comes as Bitcoin continues to lead the market higher, Zcash is also drawing attention for its improving technical structure and growing optimism surrounding the Ironwood network upgrade.

The next question now is whether those factors are enough to push $ZEC above the key $562.91 resistance level and open the door for another leg higher.

Bitcoin rally, derivatives positioning, and Ironwood support $ZEC

Zcash's latest price move has closely mirrored Bitcoin's strength.

While Bitcoin gained 4.1%, the broader cryptocurrency market also recovered, lifting sentiment across major altcoins.

That allowed $ZEC to benefit from renewed demand as investors rotated back into higher-beta assets.

The rally was not driven by market sentiment alone.

Data shared by cryptocurrency trader dav3_xbt showed that positioning on Hyperliquid shifted sharply within just six hours.

A tracked book moved from around 60% long to 70% short, with long positions reduced by approximately $43.8 million while short positions increased by roughly $10.5 million.

That change created conditions for a potential short squeeze.

As prices moved higher, traders holding bearish positions faced increasing pressure, adding buying activity as short positions were covered.

At the same time, on-chain activity pointed to continued accumulation by larger investors.

Reported whale purchases worth around $60,000 suggested buying interest remained present even as prices approached resistance.

Another factor supporting sentiment is the Ironwood upgrade.

The upgrade is designed to strengthen the Zcash network following concerns surrounding the Orchard shielded pool while introducing improvements that increase transparency around the coin supply without compromising the privacy features that define the network.

The transition away from the legacy zcashd software toward newer infrastructure, including Zebra, also represents an important technical milestone for the ecosystem.

While the upgrade is not an immediate price catalyst on its own, it has strengthened confidence in the project's long-term development.

Technical picture points to a decisive test near $562

The daily chart continues to favour buyers, although several resistance levels still stand in the way of a sustained breakout.

$ZEC is trading above its 10-day, 20-day, 50-day, 100-day and 200-day exponential moving averages, creating a strong bullish alignment across short, medium and long-term timeframes.

Trading above the 200-day EMA is particularly important because it signals that the broader trend remains upward.

Momentum indicators also remain constructive without showing signs of overheating.

The Relative Strength Index (RSI) currently stands at 57.41, placing it in neutral territory.

That reading suggests buying momentum remains healthy while leaving room for additional upside before the asset reaches overbought conditions.

Meanwhile, the MACD histogram remains positive at 5.49, supporting the view that bullish momentum is still intact.

The first hurdle for buyers sits near the 7-day simple moving average at $550.62.

A move above that level would place attention firmly on the major resistance at $562.91.

A daily close above $562.91 would strengthen the bullish structure and shift focus toward the next resistance at $583.43, which sits just below the recent swing high of $586.28.

On the downside, maintaining support above $534.95 and $525.34 remains essential.

Losing those levels would weaken the current bullish outlook and shift attention toward $503.20 as the next notable support area.