Zcash (ZEC) is currently priced at $224.04, reflecting a 24-hour decline of 6.74%. The asset has experienced a daily trading range of 17.26%, with a high of $240.23 and a low of $222.97, indicating significant volatility in the short term.

Trading volume stands at approximately $316.57 million, equating to 8.55% of its market capitalization, which suggests that market participants are actively trading despite the price drop. The short-term moving averages indicate a bearish trend, with all relevant SMAs showing negative changes, particularly the 55 SMA at -5.37%, which further corroborates the downward momentum.

The 1-hour RSI is currently at 34, which is in the oversold territory, indicating potential for a short-term reversal, while the 7-day RSI at 47 suggests a neutral trend. However, the 7-day, 14-day, and 30-day price changes are all negative, with declines of approximately 19.87%, 43.31%, and 43.77%, respectively, reflecting a bearish sentiment over a longer time frame.

Given the current technical indicators and the negative momentum across various time frames, ZEC's price is under pressure, and the market appears to be in a retracement phase. The combination of oversold conditions in the short term and longer-term downtrends suggests a cautious approach is warranted.

In summary, given the current price action, negative moving averages, and broader downtrends, the recommendation for ZEC is to Hold. This strategy allows for potential recovery in the oversold condition while avoiding the risk of further losses in a bearish environment.