ZEC's recent market trend indeed lacks momentum, with the rebound strength continuously weakening. From a technical perspective, if there are no obvious positive signals in the short term, the tendency is still to continue downward.

Let's start with a few key signals: The EMA120 moving average line has never effectively broken through this defense line, and its support role is clear. It is expected to oscillate around this level again; the lower band of the Bollinger Bands has already widened and is pointing downward, which is a typical weak decline pattern; the middle of the downward channel is repeatedly confirmed nearby, and there are no signs of a reversal in the overall trend.

What’s more frustrating is that the 400 level has now become a huge resistance. From technical, emotional, and risk perspectives, the outlook is not optimistic. To be honest, it’s not necessarily necessary to short now, but the idea of going long should be put on hold—if you get trapped around 400, the subsequent chances to break free might be very slim.