That day, I watched the green line on the Candlestick Chart plummet straight from $553 to $422, and a Crypto Veteran who had been trading for three years didn't check the trading interface but instead started focusing on those calm assets.

The four-hour chart of ZEC has already given a signal. The two lines of MACD have broken below the 0 axis, forming a classic death cross pattern - bearish momentum has completely overwhelmed bullish momentum. RSI has also slid into the oversold area, but this time it's different; the market is proving that oversold can continue to be oversold.

When the liquidation data comes out, long positions are being liquidated on a large scale. Many large holders are quietly offloading. The two price points of $553 and $678 are like two walls, firmly blocking the rebound. The support below is teetering between $431 and $326; if it breaks, it could further drop to $227.

The one-hour chart is all green. It dropped from around 553 to 422, a decrease of 6.28%. Such a straight-line plummet usually indicates a concentrated outbreak of panic sentiment.

The technical aspect is clear at a glance: the MACD has a death cross below the 0 axis, indicating strong short-term momentum. Although the RSI is nearing oversold levels, in a crazy market, indicators often become blunt and ineffective, and prices may continue to test downward.

Structurally, $553 and $678 have become key resistance levels. Any rebound to these positions will be smashed down. The focus below is to hold the support zone of $431-$326. Once this breaks, be prepared for a larger correction.

The single-day crash of ZEC is not an isolated case.