ZEC's recent trend indeed shows some contradictory signals, worth analyzing carefully.

From the liquidation data, the liquidation volume of long positions is 18.6 times that of short positions, indicating that bullish investors are under considerable pressure. However, from a technical perspective, the RSI has entered an extremely oversold zone, which usually suggests that a rebound is brewing. In the spot market, the proportion of bears has reached 75.1%, and large funds are relatively cautious, but retail traders on-chain and on other exchanges are still holding their ground.

What does this conflicting situation imply? The key is whether the price can break through the 490-500 range. If a rebound reaches this level and still lacks strength, it would be a good opportunity for a reversal. The 476 level could either be a bottoming point or just a temporary buffer.

From a trading perspective, the current environment is not suitable for heavy positions. Enter short positions lightly at 470-473, with a stop-loss at 496. If the trade goes smoothly, aim directly for 405. If the market rebounds to 490-500 but cannot effectively break through, holding onto short positions becomes even more justified.

This chaotic market situation reflects that major funds are gradually exiting, and risk appetite is declining. Small positions, high win rates, and strict stop-losses—protecting capital should always be the top priority in such market conditions.