ZEC has been fluctuating around $400 recently. As of December 26, the price has been oscillating between $390 and $420, with bulls and bears showing roughly equal strength. Each time it tests the $400 support and $420 resistance, no clear breakthrough has been achieved. From the chart, a symmetrical triangle has already formed, and it’s approaching a critical point for a breakout.

Support and resistance levels are quite clear: the $380-$400 zone below is a strong demand area where bulls are holding firm; the $420 level above is the upper boundary of the triangle and also a short-term resistance. A volume breakout here could lead directly to $460-$500. Conversely, falling below $350 could increase the risk of further decline toward $300.

The technical outlook is still decent. The daily RSI is in a neutral to slightly positive state, and the OBV is gradually trending upward, indicating that accumulation at the bottom is underway. However, on the hourly chart, there is still some selling pressure, so don’t rush to enter; wait for volume and momentum to confirm the trend direction.

From a medium-term perspective, the narrative around privacy coins and the halving expectations are providing some support. However, the long-term trend will still depend on technological development progress and regulatory attitudes—these are the two major factors.