Recently, ZEC's performance has indeed been worth paying attention to. The overall market continues to weaken, with significant declines, and the feelings of holders can be imagined.

From a technical perspective, ZEC has already broken through the key support level of 400, and there is a possibility of further decline. This actually reflects a common market phenomenon—the battle between big players and retail investors.

In the early stages, there was indeed significant capital actively bullish on ZEC, attracting many follow-in funds. But when retail investors' buy-in volume becomes sufficient, these whales start to turn around and concentrate on dumping. They first promote the bullish narrative to attract more investors, then, once enough retail investors have entered, they dump and harvest profits. This routine is common in altcoins. Retail investors following the trend are now generally trapped; they wanted to ride the wave but ended up being the ones cut. This also explains why it's so difficult to grasp the direction of altcoins—you can't tell whether the other side is genuinely optimistic or just setting a trap.

Looking at the current technical breakdown, the market is likely to enter a slow downward phase as it searches for new bottom support. If you still hold long positions, you should be psychologically prepared in the short term. Compared to this, macro factors like non-farm payroll data have a more obvious impact on mainstream coins like BTC and ETH, while altcoins are more easily turned into the chips of big players.