📊 #ZEN Analysis: Breakout or Fakeout?
ZEN has been in a large consolidation phase for the past few years. Recently, it experienced a breakout, but the price rejected from a major resistance zone around $41.50 - $46.50, signaling a potential reversal.
🔍 Key Observations:
• Resistance Rejection: ZEN faced strong selling pressure at the $41.50 - $46.50 zone, indicating a lack of momentum to sustain the breakout.
• Potential Re-Entry into Range: The price might re-enter the consolidation range, offering potential accumulation opportunities.
💰 Accumulation Zone:
• If the price drops below $20, it could present a favorable accumulation range for long-term investors.
⚠️ What to Watch:
1️⃣ Monitor for price stability within the range to confirm accumulation.
2️⃣ Watch for a breakout above the resistance area to validate a sustained bullish move.
Is this a prime opportunity to accumulate, or could ZEN retest lower levels? Share your thoughts!
