Price came close to the old low, but volume suddenly picked up.$ZEC The latest completed hourly candle had a low of 1227.81, just above the previous 12-hour low of 1227.41, then recovered to close at 1242.59. Volume was about 2.4 times the average of the previous 20 hours, and the close landed in the upper half of the candle’s range.

I’d view this as a volume-backed defense, not call it a reversal outright. 1227.41 was the low of the previous sharp drop; a decisive break below it would mean the defense had failed. Holding that level only shows that buyers stepped in. To turn the weakness around, price still needs to work through a series of progressively lower closes overhead.