Recently, ZEC's market performance has attracted a lot of attention. When the price hovered around $446, several large institutions/individuals with significant holdings simultaneously established long positions, including some aggressive 10x leverage trades — with a single investment of $3.88 million. On the surface, this appears to be a typical sign of "bullish gathering," but looking at the candlestick chart, the situation is not so simple.

From a technical perspective, ZEC is currently stuck at the $446 level, facing two obvious resistance levels — $460 is the recent rebound resistance, and $485 is the stronger ceiling. Support levels below are also clear: $380 is the first layer, and $350 is the defensive bottom line. The structure itself isn't particularly unusual, but the key lies in the volume performance.

Although technical indicators show a golden cross signal, suggesting a bullish bias, the trading volume is gradually shrinking — this divergence often indicates weakening upward momentum. In other words, the current rally may lack sufficient trading support. Against this backdrop, whether the collective long positions of whales are a bullish outlook or a one-time capital game remains to be seen through subsequent developments.

For ZEC's short-term trend, around $450 is a critical equilibrium point. Whether it breaks upward or pulls back will be revealed by the next few candlesticks. Regardless of the approach, risk management should always come first.