ZEC has dropped again. In the past 12 hours, it has fallen nearly 6%, bottoming out around $403. Now the price is hovering around $412, neither rising nor falling, looking like it's waiting for something.

Waiting for the main players to choose a direction? Or waiting for retail investors to enter and buy in?

From the chart, the short-term moving averages have already turned downward, the MACD is still below zero, and the trading volume is shrinking. This sideways movement doesn't seem like accumulation; it looks more like weakness — the bulls are afraid to push, and the bears are taking a break for now.

On the news front, Zcash has just passed a security audit, with no critical vulnerabilities found. The project team also released a new version, Zebra 5.1.0, solving the old node synchronization issues. In mid to late July, they will also launch the Ironwood shielded pool. Everything sounds on track.

But the problem isn't here.

The problem is that this circle has never been afraid of technical vulnerabilities; what they fear is trust breaches. Passing an audit and patching vulnerabilities doesn't restore trust with a single report. Those previous concerns, doubts, and capital outflows are not without reason. Within 24 hours, ZEC's capital outflow was obvious, trading volume surged to 100 million USDT, yet the price couldn't hold — what does this mean? It means someone is leaving, and they don't plan to come back.

Rebuilding confidence takes months or even years. But destroying trust can be done in a minute.

So I don't think this sideways movement is the bottom. It's more likely a continuation of the decline. If the main players wanted to push up, they should have taken advantage of the audit news to act. Since they haven't, it indicates either no willingness or no ability. Either way, the probability of a downward move is higher.

Of course, you could also say market sentiment might recover, and the project team’s subsequent actions could exceed expectations. That's all possible, but trading isn't about writing vision statements; it’s about watching the flow of real money. Right now, funds are withdrawing, prices are falling, and this sideways movement is just a temporary pause.

I still lean towards a decline. Unless there's a stronger logic and larger capital entering, this sideways movement is more like the calm before the storm. $ZEC ‌#我的Gate交易时刻