Looking at ZEC's recent trend, there are indeed some intriguing details worth analyzing. From the $360 support level, multiple tests have failed to break below effectively, and during each dip, the trading volume has actually been shrinking. This phenomenon typically indicates that the bearish momentum is gradually weakening.

The most interesting aspect is the speed of the rebound after the price hits bottom—quickly pulling back to around $416. This rapid rebound seems more like large funds actively accumulating at low levels rather than a spontaneous bounce. According to exchange data, net outflows continue to increase, and signs of whale addresses adding positions are quite evident. All these point in the same direction: chips are shifting from retail investors to major players.

Beyond technical analysis, the fundamental logic of ZEC itself cannot be ignored. The demand for privacy coins has indeed increased recently—especially in the context of some large assets facing transparency pressures, which naturally boosts the need for privacy protection tools. Additionally, since ZEC uses a PoW mechanism, the interests of miners and ecosystem participants are closely tied, meaning that suppressing this asset's price entirely would not be cost-free.

From the chart, volume contraction during a pullback often signals concentrated chips. When selling pressure mainly comes from retail panic rather than institutional exit, the true bottom area usually becomes apparent. Of course, no technical analysis is absolute; markets always carry uncertainties. However, when this pattern combination appears, it’s worth paying attention to the subsequent trend.