Zcash's recent market performance can be described as a complete mess. Drastic changes in governance have dampened market confidence, and the departure of the core development team has further unsettled investors. But upon closer inspection of the charts, it doesn't seem so hopeless.

From a technical perspective, the trend is indeed weak. The 7-day, 25-day, and 99-day EMAs are all aligned downward, each pressing on the one below, forming a clear bearish pattern. High-volume trading at elevated prices has been followed by continuous declines, indicating aggressive selling pressure. Capital flows are also not optimistic—over the past 24 hours, net outflows exceeded 34 million USDT. Although there have been occasional inflows trying to test the waters, the overall situation remains bloodshed.

However, there's an interesting contrast here. Institutions haven't run away. Grayscale is applying for a spot ZEC ETF, and Reliance Global Group and Cypherpunk Technologies are still increasing their holdings. This suggests that major players believe there are still assets to be acquired at this price level.

On the technical side, there are also signs of a potential rebound. The RSI has fallen to 30.71, entering the oversold zone, and the MACD line has just crossed above the signal line to form a positive histogram (value 0.54), which usually indicates that downward momentum is waning. The possibility of a short-term rebound is quite high.

Of course, risks are still quite evident. The entire Electric Coin Company team has resigned due to governance disputes, which is not just a personnel loss but also a strategic uncertainty. Who will lead in the future and which direction the project will take remains a question mark. The good news is that the protocol itself is not compromised—its consensus rules, cryptographic foundations, and network infrastructure are intact, and the technical bottom layer is solid.

So, ZEC might currently be at a technical buying point, but only if you can accept the short-term uncertainty.