ZEC has already surged 10% today, with the high touching 1653, and the 24H trading volume reaching 2.6 billion USD. According to the usual script, when it rises like this, everyone should be shouting “to the moon.” But when I checked the contract data, I saw that in ordinary accounts, the short side still accounts for 69%.

That’s interesting.

The funding rate is still 0.01%. The large-holder long/short ratio is 1.08, and I haven’t seen that kind of crazy scene where the whole market goes all-in long. Instead, over the past 4H, the aggressive buy orders have been about 17% higher than sells. And when price pushes upward, there are still a bunch of people waiting for it to drop below.

So what’s most likely to happen in a market like this?

The more you feel like “it’s gone up so much, it must pull back,” the more likely it is to pull up another leg—one by one, it will invite the shorts to the rooftop to catch some air 😂

For now, I’m watching 1650—1660. This area has already been slammed down once today. If it can be absorbed, 1700 could easily become the next emotional target. If not, then first I’m looking at 1560—if the pullback can hold there, then this bullish momentum hasn’t broken.

If it really drops back below 1500, then I’ll start to feel like this sprint is running out of steam.

So for ZEC right now, I’m still slightly bullish. The biggest risk isn’t that nobody’s seeing the upside—it’s that after it pulls up one more time, the entire market suddenly starts FOMO. $ZEC #zec