Recently, ZEC's performance has indeed sparked quite a bit of discussion. The root cause can be traced back to the team level—the serious disagreements between the core development company ECC behind Zcash and its higher-level non-profit organization, ultimately leading to the collective departure of the development team. This is not just a simple personnel change but a fundamental conflict involving the project's direction and mission positioning. Once the decision-making and execution teams are disconnected, subsequent protocol upgrades, security maintenance, and ecosystem development will fall into uncertainty. Market reactions to such trust crises are often the most intense because they directly threaten the project's vitality.

From a technical perspective, ZEC currently exhibits a typical downward consolidation pattern. On the 4-hour chart, the MACD indicator shows a death cross below the zero line and continues to diverge, indicating a clear accumulation of bearish momentum. The appearance of a volume-driven plunge is particularly noteworthy—this usually signifies concentrated selling by market participants rather than a simple shakeout. The 498 region above has become a clear resistance level, and 530 is even more out of reach. On the downside, the first support is around 435, but considering the divergence signals between volume and price, whether this level can hold effectively remains to be seen. The true key support should be near 405.

The resonance between fundamental and technical aspects further reinforces the downward outlook. In this context, any rebound should be approached with caution regarding its sustainability. Currently, market sentiment is weak, and upward movements lacking effective volume support are often unsustainable.