For those holding ZEC, the mood is probably not very good. The price has been steadily declining, clearly forming a downward channel on the daily chart, with each rebound appearing weak and short-lived. If you still hold ZEC, you might be feeling conflicted: should you hold on, or take advantage of the rebound to exit quickly?

From a fundamental perspective, ZEC is centered around the concept of "privacy coins," which was once its biggest story. Indeed, well-known investors like Arthur Hayes and their funds have prioritized the privacy sector, even openly holding ZEC positions, which has brought some halo effects to the project. Institutional optimism always sounds reassuring.

But the reality is, the market doesn't always buy into the story. Privacy features have limited practical application in today’s crypto world, and regulatory scrutiny remains tightly focused on this area. Besides "privacy," ZEC has not established an irreplaceable ecological value or broad usage demand. In other words, its intrinsic support is far from matching the psychological expectations driven by price fluctuations.

Looking at the technical side, the trend speaks for itself. Recently, the price has faced resistance and fallen back, repeatedly testing lower levels. Although there are occasional signs of capital inflow and decreasing exchange reserves, indicating some accumulation of positions, the market has yet to form an effective reversal. The moving average system is in a bearish alignment, with short-term averages continuously pressing down. Under this structure, any rebound is likely to become an opportunity for profit-taking or exiting.

Market sentiment also confirms this. Despite occasional bullish sentiment in derivatives markets, overall capital is flowing out, and selling pressure has not truly dissipated. This suggests that more investors are choosing to sell on rebounds rather than waiting for further upward movement.

Therefore, for ordinary holders, continuing to hold ZEC may be more like waiting for an uncertain "narrative to play out," while the technicals repeatedly warn: downside risks remain.

If you are already in the trade, a rebound might be a good opportunity to reassess your position. After all, in a downtrend, preserving capital is more practical than hoping for a reversal. If you haven't entered yet, there's no need to rush into the fire—markets never lack opportunities; patience is what’s needed.

The market will never change direction solely because "someone is optimistic." The future of ZEC ultimately depends on what it can do, whether people are using it, and if it can survive bull and bear markets. Until then, respecting the trend may be the more prudent choice. $ZEC ‌#加密市场观察