From the $ZEN /USDT chart provided, the current price is $37.27, reflecting a 29.45% increase in the last 24 hours. The price recently tested a 24-hour high of $39.78 but has retraced slightly. This signals a consolidation phase after a strong upward move. Here’s the analysis:
Long Position:
Entry: Enter around $37.00-$37.50 to capitalize on the upward momentum.
Stop Loss: Place the stop loss at $36.00, below the recent consolidation zone.
Target: Aim for $40.00 as the first target and $42.00 as the extended target.
Short Position:
Entry: Consider shorting if the price fails to hold $37.00 and breaks below $36.50 with volume.
Stop Loss: Place the stop loss at $38.00 to minimize risk.
Target: First target at $35.00 and a deeper target at $33.00 if the trend reverses strongly.
Market Observations:
1. Volume is key to confirming breakout or breakdown scenarios.
2. In the short term, bulls seem to have control, as indicated by the 7-day and 30-day growth percentages.
3. Watch for RSI and MACD indicators for overbought signals to fine-tune entries and exits.
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