ZEC's recent trend can be summarized as a wave of sharp rise followed by a sustained correction. Starting from the peak at 555.57, the market has been retreating, dropping to around 487. The key support level at 492 also failed to hold, indicating that the short-term bearish momentum is quite strong.

From a technical perspective, the upward pressure is relatively evident—previous consolidation around the 520 to 530 range has formed significant selling pressure, which is a critical resistance level to break through during a rebound. On the downside, the focus should be on the support zone between 480 and 490. If this area is broken again, the downward space will further open, and the levels at 461 and 434 will gradually come into view.

From a trading standpoint, if you are still holding short positions, it might be wise to continue holding with a target in the 480 to 490 range, but be alert to potential technical rebounds after extreme oversold conditions. Conversely, bullish traders need not rush to enter; it’s more prudent to wait until the price reclaims the 500 level and shows signs of stabilization before considering positions. If the support at 480 is truly broken, it could be an opportunity to go short with the next deeper supports at 461 and 434. Overall, at this stage, it’s important to stay closely aligned with the bearish momentum.