Staring at the ZEC chart all day, to be honest, this trend is not surprising at all.

It dropped 6.5% in the past 24 hours, now trading just over $575. Some say this is a normal correction, but I don't think it's that simple—the double-top pattern on the chart is almost textbook perfect.

First, let's see what happened. Recently, ZEC has had some stories to tell: Multicoin Capital disclosed their holdings, Grayscale submitted a spot ETF application, and institutions are finally showing some movement. Plus, ZEC's share in the shielded pool has reached 30%, indicating that privacy is being used. The NU7 upgrade is also coming soon, which will improve transfer speeds.

Sounds good, right?

But the market never cares about these stories; it only recognizes money. After this rally, both attempts to break higher failed, with the second top clearly lower than the first, and trading volume also shrank. This is a classic double top, indicating the buyers' strength has been exhausted.

Now, look at the technicals—on the 1-hour chart, the price has already broken below the short-term moving averages, MACD has crossed bearish, DIF has fallen below DEA, and the green histogram has turned red. These are unmistakable signals.

Some might say, whales are still here, institutions are still involved. But think about it—if whales really wanted to push the price up, would they linger at this level for so long? Some big players are already quietly offloading, just not making it too obvious yet.

I believe the next move is a gradual decline back to where it should be. And how low is that? Looking at previous support levels, around $500 should be the first stop. If it can't hold, then it could go even lower.

Don’t talk to me about fundamentals supporting the price— in this market, excessive gains are the biggest bearish signal. The double top is already formed; do you still expect it to keep flying? Wake up.

What’s coming will come. $ZEC ‌#Polymarket每日热点