Looking at ZEC's recent trend, on the surface it appears lush and green, but a deeper look reveals several risk signals hidden behind the scenes.

From the capital perspective, the situation is indeed somewhat severe. The net capital outflow in the spot market over the past hour has reached $600,000. The key point is that the outflow change rate has surged to 700%, indicating that the sell-off is not gradual but accelerating with signs of panic. The futures market is also experiencing outflows simultaneously, and leveraged funds are withdrawing as well. This phenomenon suggests a resonance-style retreat of funds across both markets, which is typically a warning sign before a significant decline.

Looking at the technical side, almost all indicators are signaling danger. The MACD has formed a death cross below the zero line, which is a clear bearish signal in technical analysis. The green bars have turned red, and trading volume is increasing, indicating that the bearish momentum is not waning but rather intensifying. From the 1-hour chart to the weekly chart, almost no indicator supports a bullish case, and the downward trend is very strong.

Price levels are also critical. There is a strong resistance at 422. If this level cannot be broken, the rebound will be difficult to sustain. Support levels are twofold: the 400 psychological level, which is easily breached, and the more solid support at 370.

Currently, there are no significant positive news to strongly support ZEC's trend; it is entirely driven by capital flows and technical signals. From any perspective, this period warrants caution.