I personally believe it's around bottom now in relationship to the general altcoin market. I think there's enough development activity at present, the funding model is piling up ZenCash for development, and most downside risk priced in. As time goes on, IF dev milestones keep getting hit and hit right, there is upside risk not yet priced in. I'd be much more comfortable buying ZenCash than most other alts now, because I view the downside risk as lower (ie. we're near bottom).

The main remaining risk I see is the general risk of significant altcoin-wide declines - has happened last week or two already, I could see there may or may not be another 20% selloff in the market in general. If that happens, I don't expect ZenCash to underperform, but I do expect it to decline with everything else.

We should know if there's a more significant altcoin market correction within two to three weeks. After that, I cannot think of a glaring obvious downside risk.

Developments like nodes, wallets, IPFS et cetera are all upside risks, but probably in the weeks to months to a year timeframe.