ZEC recent market appears stable, but there are many details worth paying attention to. Today, we start from the 4-hour technical perspective to analyze the current trend characteristics layer by layer.

**Triple Technical Signals Indicate Risk**

The price closed at 406.26, with an intraday range of only 2.56%. Combined with the low point of 399.02, this indicates that there is considerable selling pressure above. Every rebound is met with precise suppression, which is not a healthy upward posture.

What is more concerning is the moving average performance. The yellow and white lines have already shown signs of a death cross above the zero axis. What does this mean in a bullish momentum zone? It indicates that the bullish inertia is waning, and a short-term trend reversal signal is brewing. This is not a normal technical adjustment but a warning of a directional turn.

From the volume perspective, the so-called "steady volume" during a decline is actually the most dangerous. It is neither shrinking to the extreme nor showing intense resistance with volume spikes. Instead, it appears calm—this precisely suggests that funds are orderly fleeing, and the market has not yet fallen into panic. The true bottom may still be below.

**Overall Judgment**

Price under pressure, key moving average death cross, and gradually declining volume—all three dimensions point to the same conclusion: the characteristics of a downward continuation are evident, and the current stage carries greater risk than opportunity. If you have doubts about specific entry points, it’s better to wait for clearer bottom signals before acting.