Zcash developers propose ‘Ironwood’ upgrade, ZEC price rebounds, but there is a risk

• Zcash’s Orchard pool bug, undetected since 2022, sent ZEC crashing 52% to $303.
• The proposed Ironwood upgrade lets anyone verify ZEC’s 21 million coin supply cap.
• Analyst Yashu Gola warns of a rising wedge pattern, with $314 as the key support.

Zcash (ZEC) suffered one of its worst weeks in recent memory last week.

The privacy-focused cryptocurrency plunged from around $635 to a low of roughly $303 in a matter of days after Shielded Labs, a nonprofit developer on the Zcash network, disclosed a critical bug in its Orchard shielded pool, the part of the system responsible for hiding transaction details.

The bug, which had gone undetected since 2022, could have allowed an attacker to mint an unlimited amount of fake ZEC without detection.

However, by Monday, June 8, ZEC had clawed back a significant portion of those losses, trading around $442 at press time, a roughly 45% rebound from the June 5 low.

The rebound followed two key developments: an emergency patch to address the vulnerability and the introduction of a new upgrade proposal called Ironwood.

Nevertheless, the token is still down approxima...