ZEC's performance today is pretty strong, with the spot price shooting up directly to 387.19, a daily gain of 9.14%. The price has already broken through the middle Bollinger band and is now moving toward the upper band, showing a clear upward momentum.

But the contract side is a bit interesting—there’s a negative price spread and negative funding rate, and trading volume has plummeted by 87.2%. In most cases, this means the shorts couldn’t hold on and were forced to close positions, which pushed the price up. However, with such poor liquidity, it’s honestly pretty concerning.

From a technical perspective, here are a few key levels:

The VPVR volume peak is at 698.63, which is much higher than the current price. The value area is boxed between 337.96 and 718.39, and right now the price is sticking to the lower edge. 337.96 is a level that must be held; if it breaks, there’s a lot of room below.

On moving averages, the price is still about 5.4% below the MA200 at 409.46, so the medium- to long-term trend hasn't reversed yet. The Bollinger Bands are pretty tight, with a range from 339.67 to 396.68, and the current position indicates 83.4%, which is already considered overbought. The upper band at 396.68 will be a significant short-term resistance.

Looking at the order book, there are a lot of sell orders stacked at 500 and 420—986K at 500, and 702K at 420, making these two levels a double ceiling. On the downside, there’s support at 360 with 1,060K buy orders, and even more at 200, with 1,360K in buy volume. For the price to go higher, it needs to chew through the sell pressure between 420 and 500 first.

Contract data is a bit contradictory: trading volume is down 87.2%, but open interest is still holding at 292.58M USDT. This OI/market cap ratio is on the high side, indicating that leverage players are still pretty active, but overall trading enthusiasm is clearly cooling off.