Zcash (ZEC) is currently priced at $305.42, reflecting a significant 24-hour decline of approximately 8.97%. The daily trading range has been notably volatile, with a high of $342.82 and a low of $306.22, showcasing a 36.6% range, indicating heightened market uncertainty.

The volume over the past 24 hours stands at $489.91 million, which constitutes 9.70% of Zcash’s market cap, suggesting robust trading activity despite the downward price movement. The hourly moving averages further illustrate the bearish trend, with all key SMAs (8, 13, 21, 55, and 144) showing declines ranging from -6.85% to -15.04%, indicating a consistent downtrend across different time frames.

Momentum indicators are also reflecting weakness, with the 1-hour RSI plummeting to 12, signaling extreme oversold conditions. Meanwhile, the 7-day RSI sits at 44, which indicates a lack of upward momentum, and the price changes over 7, 14, and 30 days are negative, showing a persistent bearish trend of -17.83%, -23.92%, and -41.73%, respectively.

The all-time high for Zcash remains at $3191.93, recorded on October 29, 2016, a stark contrast to its current price, suggesting substantial long-term depreciation. The continuous downtrend, coupled with the technical indicators and RSI readings, reinforces a negative market sentiment surrounding Zcash.

Given the current market dynamics, technical indicators, and the lack of bullish momentum, the recommendation for Zcash (ZEC) is to Sell. The significant price decline, extreme oversold condition, and absence of supportive bullish signals suggest further downside risk in the near term.