Zcash ($ZEC ) remains under sustained downside pressure as the broader structure on the 1H chart continues to respect a clear descending trendline. Since failing near the $700–$720 region earlier in the month, price has consistently formed lower highs, confirming that sellers still dominate short-term control. The current price zone around $455–$460 is acting as a critical horizontal support that has already been tested multiple times, weakening its reliability with every retest.

Momentum remains fragile. Each bounce over the past week has been shallow and quickly absorbed by supply, signaling that dip buyers are cautious and positioning remains defensive. The inability of ZEC to reclaim the descending trendline confirms that any upside reactions so far are corrective rather than trend-reversing. This structure reflects classic distribution behavior where larger participants exit positions into minor strength.

From a downside perspective, a clean breakdown below $450 could expose the market to a fast move toward the $420–$400 demand zone, which aligns with historical liquidity and prior accumulation levels. If that zone fails to attract meaningful volume, ZEC risks entering a deeper volatility expansion phase on the downside.

On the upside, bulls need a decisive reclaim of $480–$500 along with a trendline breakout to signal any meaningful shift in structure. Without this, price action remains vulnerable to continued slow grinding losses.

The broader market context also matters. With Bitcoin liquidity tightening and altcoin participation thinning, privacy-centric assets like ZEC tend to underperform during periods of risk uncertainty. Until volume expands and trend structure changes, ZEC remains a sell-on-rallies market rather than a breakout candidate.

For now, traders are watching whether $450 holds or fails—that level will likely determine the next directional expansion.