But if you look closely at the RSI and structure, the story is not as beautiful as it seems. After a strong surge from the low range, ZEC has left a fairly clear RsiSE signal at the most recent peak. This is a sign that the upward momentum has been significantly depleted. Since that time, the price has not been able to expand the upward range further and has started to fluctuate in the high zone with short pullbacks and quick sell-offs.
The RSI is not returning to the strong zone, only fluctuating around the average level, reflecting that new buying power is almost not participating. The recent green candles have small bodies, with many upper wicks appearing, indicating that every rise meets selling pressure. In terms of structure, ZEC has not formed a new higher high but is forming a lower high or an equal high to the previous one, which is a typical signal of weakening after a hot run. In this context, the current price holding behavior has more characteristics of distribution rather than accumulation. Shorting during the short retracement phases remains a more reasonable strategy than chasing long positions at high price levels.
