Staring at the market all night, the tug-of-war around the key level of $20 million for ZEC finally reveals some clues.

On the surface, it looks like bulls and bears are fighting fiercely here, with the K-line swinging wildly up and down. But a closer look at the 4-hour details shows that the story isn't that simple. The volume behavior is quite interesting—volume increases during breakouts and decreases during pullbacks. This "volume surge during breakout—volume contraction during pullback" pattern usually indicates that the main players are controlling the market and testing the waters, rather than retail investors blindly rushing in.

From a technical indicator perspective, the MACD is already showing signs of a golden cross near the zero line, and RSI, while exiting oversold territory, hasn't entered overbought levels yet. This position often signals a preparatory phase before a secondary rally. Even more intriguing is the on-chain data—large addresses have been net accumulating over the past week, while retail trading share is declining. This suggests that smart money is quietly positioning itself, rather than chasing highs.

The $20 million battle feels more like a "stress test." It aims to shake out floating chips through this volatility and verify the strength of the support below. If this logic holds, there might really be a story to tell next.

However, risks are still present. ZEC's volatility remains high, and a shift in macro sentiment or a sudden negative event could reverse the situation instantly. So, always stay alert and don't get blinded by short-term movements.