$ZEN /USDT Technical Analysis:
Current Price: $30.93
24h High: $39.50
24h Low: $30.86
Price Change: -16.83% (Bearish Momentum)
Key Technical Levels:
1. Support Levels:
First Support: $30.86 (24h Low)
Second Support: $28.50 (Previous support zone)
2. Resistance Levels:
First Resistance: $35.00 (Recent price reversal point)
Second Resistance: $37.50 (Minor resistance)
Third Resistance: $39.50 (24h High)
Trade Signal:
Sell Signal: Given the current bearish momentum, consider entering a short position if the price fails to reclaim $35.00, targeting further downside.
Stop Loss: Place a stop loss above $39.50, the 24h High, to protect against unexpected upward moves.
Target Levels:
1. Target 1: $30.86 (24h Low)
2. Target 2: $28.50 (Previous support)
3. Target 3: $26.00 (Major support level)
Trade Momentum:
The market is showing strong bearish momentum with a price drop of -16.83%. The 24h trading volume of ZEN is 3.45 million, with a corresponding volume of 120.70 million USDT, suggesting active market participation in the decline.
Conclusion:
Bearish Trade: Consider entering a short position below $35.00, targeting $30.86, $28.50, and potentially $26.00.
Bullish Risk: If price breaks above $39.50, the trend might shift, so it’s crucial to stay alert.