Zcash (ZEC) is currently trading at $245.92, reflecting a 6.99% increase over the past 24 hours. The asset has experienced a notable daily range of 25.63%, with a high of $247.16 and a low of $221.53, indicating significant volatility.

The trading volume for ZEC stands at approximately $424.92 million, contributing to a volume-to-market cap ratio of 10.46%. The short-term moving averages indicate bullish momentum, with the 8 SMA at $226.97 showing an 8.35% increase and the 13 SMA at $228.76 showing a 7.50% rise, suggesting strong support levels.

The 1-hour RSI is positioned at 61, indicating a moderately bullish sentiment, while the 7-day RSI at 54 suggests a neutral outlook over the week. However, both the 7-day and 14-day price changes are negative, with declines of approximately 7.48% and 34.62%, respectively, indicating a bearish trend over the medium term.

Despite the recent rally, ZEC has faced substantial downward pressure in the longer term, with a 30-day price change of nearly -39.20%. Given the current technical indicators, including the relative strength and moving averages, there is potential for further upside in the short term but caution is warranted due to the overarching bearish trend.

In conclusion, the market shows signs of a short-term rebound, supported by recent price movements and trading volume. Therefore, I recommend a Hold rating on ZEC at this time, allowing for potential further gains while monitoring for any signs of reversal in the negative longer-term trend.