ZEC's recent rally is not without strength, but at this stage, it has indeed reached a critical moment to "verify the fundamentals." The previous surge belonged to the trend bonus period, while the current market is beginning to enter a phase of refined game-playing—essentially, a stage of collecting IQ taxes.

The core judgment is simple: the direction is correct, just the position is not attractive enough. Currently, the bears are not rushing to reverse, but the short-term position is very comfortable. As long as the price begins to consolidate and the pace slows down, there will naturally be room for a pullback.

The key support level is very clear: the 520-525 range. As long as the pullback does not break below this, the overall pattern remains a strong oscillation. Looking further down, 485-495 is the area for a new round of activation. If it truly breaks below this, it indicates that this rally has entered a complete retracement structure.

Final words: Don't rush to buy at the emotional top; wait until the market provides a confirmed support before acting. This is the basic skill of trading.