Zcash (ZEC) is currently trading at $391.44, experiencing a 24-hour decline of 2.45%. The daily price range indicates significant volatility, with a high of $413.16 and a low of $385.40, reflecting a daily range of 27.76%.

The trading volume stands at $683,487,391, which corresponds to a volume-to-market cap ratio of 10.59%, suggesting a healthy level of trading activity relative to its market capitalization. However, the short-term moving averages are all negative, with the 8 SMA at $401.40, indicating a downward trend over the past hours, corroborated by the 1-hour RSI of 33, which is below the 30 threshold typically indicating oversold conditions.

Longer-term indicators also show weakness, as the 7-day RSI sits at 42, suggesting potential bearish momentum. The 7-day price change has decreased by 23.77%, while the 14-day and 30-day price changes show declines of 27.27% and 2.83%, respectively, indicating a sustained downtrend over various timeframes.

Zcash's all-time high of $3,191.93 was reached in October 2016, but the current price reflects a significant decline from historical levels, indicating a loss of bullish sentiment. Given the current technical indicators and downward momentum, combined with a lack of strong buying signals in the short to medium term, the market sentiment appears bearish.

In conclusion, the ZEC market shows persistent downward pressure with weak RSI levels and negative moving averages. Therefore, the rating is a Sell, as further downside seems likely until a reversal signal emerges.