$ZEC This round started from $300, reached $399 yesterday, a 33% increase. Several of my short orders at 399 were passively executed, and now the price is right at the upper edge of the channel.

The 400 level is a hurdle. If it holds, the next target is 450; if not, this rebound is basically over and it’s time to look for a bottom again.

I checked the funding rate this morning and it’s still positive. This means there aren’t many people willing to short ZEC around 400. Most of the capital has moved to those small-cap coins with hourly settlements and extremely high rates. I never touch those coins—the volatility is so high that it’s impossible to take long positions.

If ZEC really manages to reach around 450, shorting capital should flow back in large numbers. After all, the short pressure at that level will increase significantly.

There are still 5 days until the rate cut. If the price can’t go up tomorrow and turns downward instead, the likelihood of a reversal is quite high. This time window is crucial.