$ZEN pullback clears high leverage, 32 yuan becomes key support, is the 50 yuan barrier in sight?
ZEN, this cryptocurrency, still has the potential to rise back to its previous high of over 100 yuan. But the current issue is that the selling pressure at the monthly level is too high, making it difficult for major players and market makers to push it above 50 yuan in a short time. After all, no matter how wealthy the institutions are, they cannot always forcefully raise prices with an extremely high RSI (which is a market heat indicator, with above 90 considered very high).
ZEN, this cryptocurrency, still has the potential to rise back to its previous high of over 100 yuan. But the current issue is that the selling pressure at the monthly level is too high, making it difficult for major players and market makers to push it above 50 yuan in a short time. After all, no matter how wealthy the institutions are, they cannot always forcefully raise prices with an extremely high RSI (which is a market heat indicator, with above 90 considered very high). Now the pullback is clearing those high leverage contracts around 35 to 32 yuan. The main force may wash the price down to 32.18, which could potentially blow up more than 1.2 million in high leverage contracts.
The market cap of this coin is low, which is a key point. Although Grayscale has not increased its holdings, it has not sold off heavily either. Therefore, friends holding ZEN below 25 yuan, don't worry too much. When that critical moment arrives, it could be the day it breaks through the 50 yuan barrier.
As a seasoned cryptocurrency investor, I, Tu Fei, share my experiences and insights. Interested in the cryptocurrency market but don’t know where to start? Follow me and check my homepage to achieve freedom in this bull market.
