Zcash (ZEC) is currently priced at $224.71, reflecting a significant 24-hour decline of 6.71%. The daily price range has been volatile, with a high of $241.98 and a low of $190.86, resulting in a substantial daily range of 51.12%.

The trading volume stands at approximately $897.16 million, indicating robust market activity, with a volume-to-market cap ratio of 24.18%. Technical indicators show mixed signals; the 1-hour RSI is at 47, suggesting neutral momentum, while the 7-day RSI of 40 indicates oversold conditions, potentially signaling a rebound opportunity.

Short-term moving averages show a bullish trend in the 8 SMA and 13 SMA, both of which have posted positive changes of 7.95% and 6.06%, respectively. In contrast, the longer-term 55 SMA and 144 SMA are showing bearish trends with declines of 9.56% and 19.44%, indicating that longer-term sentiment remains negative.

Over the past week, ZEC has experienced a steep price decline of 32.44%, with even more significant losses of 38.39% over the last 14 days and 53.98% over the past 30 days. This downtrend from a peak all-time high of $3,191.93 in October 2016 highlights the current market's challenges and sentiment.

Given the oversold conditions indicated by the RSI metrics and the potential for a short-term bounce, ZEC may be poised for a corrective rally in the near term. However, the significant long-term downtrend and current resistance at the 55 SMA suggest caution.

Based on this analysis, the recommendation is to Hold ZEC. This strategy allows investors to observe potential short-term recovery without committing additional capital until clearer bullish signals emerge.