Recently watching ZEC's trend, some observations are worth sharing. Starting from the high point, this asset has fallen nearly 28% over the past 30 days, and the current price is repeatedly testing the sensitive level of $412. The market opinions about it are quite divided—some are bullish expecting a reversal, while others are bearish preparing for further hunting.

From a data perspective, there are interesting points. The total liquidation within 4 hours is close to $470,000, but the short positions' liquidation amount reaches $370,000—meaning the scale of short positions being forcefully liquidated is almost four times that of long positions. What does this phenomenon indicate? It suggests that there is indeed a strong force in the market pushing for short positions, while a counterforce is fiercely fighting back. Both sides are fighting intensely at this level, each believing their judgment is correct.

This extreme long-short confrontation often signals an upcoming market turning point—either a significant upward move or an accelerated decline.

Looking at technical details: on the 1-hour candlestick chart, the MACD just showed a bullish crossover but immediately turned into a death cross, somewhat like a patient just starting to recover but then lying back down. The 403 level is particularly critical—it is currently the last decent support. If it holds above 403, there’s still a chance to test the resistance near 457; if 403 fails to hold, the next support is likely around 360, and further down is the deeper support zone at 314. The current price fluctuates around 412, just a point away from 403, and this small distance might determine whether there’s a rebound opportunity or a continued dip.

From a more macro perspective: any rebound in a downtrend is essentially a window of opportunity for an escape. ZEC has already dropped nearly 30% from its top, and the bearish momentum is clearly dominant. It’s unlikely to directly surge to 511 in the short term. The more probable scenario is oscillating within the 403 to 457 range; if the technical support breaks, 360 will become the next line of defense. Currently, caution is advised against any impulsive bottom-fishing.