ZEC currently appears to be a wave of rally followed by a correction. Structurally, it is indeed somewhat weak in the short term, but it has approached an important support level.

On the four-hour chart, the 555 line was heavily tested with a large volume push, but it still failed to break through. Subsequently, the price continued to fall back, dropping below the middle band of the Bollinger Bands. The highs of the candlesticks are gradually decreasing, and the rebound strength is insufficient. In other words, there is still considerable selling pressure, and the bears have the upper hand.

However, don’t be too pessimistic. Looking down to the 520 line, there have been multiple lower shadows indicating support, and the lower Bollinger Band is gradually moving upward. This suggests that although the bears are in control, a rapid acceleration of decline has not yet formed.

On the one-hour timeframe, there was a small rebound after a sharp drop, but the volume was insufficient. The MACD is still oscillating below the zero line, and the RSI is around 40. These are just technical corrections after a decline and do not signal a trend reversal. In the short term, it is likely to be a repeated digestion of selling pressure at low levels.

Overall, ZEC has been in a weak consolidation phase recently, and it remains to be seen whether the support can hold. In terms of trading, focus on the bullish opportunities in the 520–523 range, with targets around 545.