$ZEC ‌Current price $395.5 Short sell

Reason: ZEC trading price is below key EMA levels ($387, $402), MACD indicator shows negative values confirming downward momentum, and the short-term technical outlook is clearly bearish; market sentiment is panic-driven, margin debt has surged by 21%, and the long-short ratio has decreased, significantly increasing the risk of forced liquidation, further intensifying downward pressure; although Grayscale emphasizes its privacy features as a potential hedge against dollar depreciation, and there are opportunities for contract trading and passive earning, the current price has entered a cooling phase after the rebound, and the $369 support level is under test, with short-term downside risk outweighing the upward momentum provided by long-term fundamentals.