Zcash (ZEC) is currently priced at $236.82, reflecting a notable 15.71% increase over the past 24 hours. The daily range shows substantial volatility, with a high of $253.89 and a low of $204.43, indicating a wide trading band of 49.46%.

The trading volume stands at $660,558,818, representing 16.89% of the market cap, which is indicative of healthy liquidity. However, the short-term moving averages show mixed signals, with the 8 SMA at $244.10 declining by 2.98% and the 13 SMA at $239.61 down by 1.16%, suggesting a potential bearish sentiment in the immediate term.

On the other hand, the 21 SMA at $229.08 has increased by 3.38%, signaling some underlying strength, while the 55 SMA at $234.11 shows a slight gain of 1.16%. The 144 SMA is notably down by 12.03% at $269.21, reflecting a longer-term downtrend.

The 1-hour RSI is at 65, indicating that ZEC is approaching overbought territory, while the 7-day RSI at 43 suggests that the asset is in a mild bearish phase. The significant price changes over the past 7, 14, and 30 days—down 29.97%, 35.41%, and 50.60% respectively—further reinforce the ongoing downtrend.

Despite the recent surge, the longer-term performance remains concerning, with the price substantially below its all-time high of $3191.93 reached in late 2016. Given the mixed signals from moving averages, the RSI readings, and the historical downtrend, the current market sentiment appears to be cautious.

Overall, the market conditions suggest a more cautious approach. Therefore, the recommendation is to Hold ZEC, as potential short-term gains may not outweigh the ongoing longer-term bearish trend.