Zcash (ZEC) is currently trading at $220.18, reflecting a notable decline of 6.96% over the last 24 hours. The daily range is quite extensive at 23.68%, with a high of $243.84 and a low of $220.16, indicating significant volatility in the market.

The trading volume stands at approximately $228.92 million, equating to a volume-to-market cap ratio of 6.28%. This suggests active trading but may also imply a lack of strong bullish sentiment given the current price action and recent downtrends.

Technical indicators indicate weakness, with the 1-hour RSI at a low 12, suggesting that ZEC is heavily oversold in the short term. Longer-term indicators reflect a bearish trend as well, with the 7-day RSI at 42, highlighting a lack of momentum for a recovery in the near future.

Moving averages indicate a consistent downtrend, with the 8 SMA at $225.33 showing a decline of 2.29%, while the 144 SMA at $243.25 indicates a significant drop of 9.49%. The sustained decreases across various timeframes, particularly in the 30-day change of -41.76%, reinforces the bearish outlook for ZEC.

Fundamentally, ZEC has seen substantial declines from its all-time high of $3191.93 achieved in late 2016, emphasizing a long-term bearish trend. The recent 7-day and 14-day price changes of -15.84% and -14.37%, respectively, further illustrate the ongoing struggle for upward price movement.

Given the significant oversold conditions, high volatility, and persistent downtrends across both technical and fundamental metrics, the recommendation for Zcash is to Hold. While the potential for short-term rebounds exists, the overall market sentiment and technical indicators do not support a confident buy at this moment.