The analysis provides an update on Zcash (ZEC) building on a previous prediction from December 10th, where a pullback to the 30-day rolling VWAP was anticipated, followed by a rally. This scenario unfolded as ZEC experienced a downward pressure, absorbed selling, and then initiated an upward movement. The current market situation indicates ZEC is approaching a significant resistance area, specifically between $490 and $520. This zone is characterized by the 30-day rolling VWAP, the point of control, and the last fair value gap on higher timeframes. The analyst identifies bearish divergences and a reduction in market momentum. While maintaining a long-term bullish fundamental outlook on Zcash, the short-to-medium term trading perspective warrants caution. The immediate prediction is a continuation of the rally towards the identified resistance zone of $490-$520. However, upon reaching this level, a strong bearish reversal is expected, with potential downside pressure driving ZEC back towards the mid-$300s. The risk-reward ratio for short-term trades to the upside is currently unfavorable, emphasizing the importance of prudent risk management due to the potential for aggressive market reversals and past liquidation events on Zcash.