Here’s a #Technical analysis based on the provided 4-hour (4h) and daily (1d) charts for $ZRO
4-Hour Chart (4h):
1. Trend: The price shows a recovery from a recent low around $3.039, now trending upward toward $4.058.
2. Key Levels:
Support: Around $3.776 (recent low).
Resistance: Around $4.113 (24h high).
3. Moving Averages:
The price is below the MA(5) (yellow line), which indicates short-term resistance.
MA(10) shows a higher threshold, indicating the market needs more momentum to break.
4. RSI: The RSI is 71.89, indicating overbought conditions. A potential pullback might happen soon.
5. MACD: The MACD line is slightly above the signal line, showing mild bullish momentum, but no strong divergence yet.
6. Entry/Exit Strategy (4h):
Entry: If the price pulls back toward $3.776 with a bullish confirmation, a buy can be considered. Otherwise, breaking $4.113 with strong volume can signal continuation.
Exit: Take profit around the $4.50 zone or trail stop losses in case of continuation.
Stop Loss: Below $3.776 to minimize risk.
Daily Chart (1d):
1. Trend: A broader upward trend from a low of $2.466, indicating longer-term recovery. The price currently consolidates after a dip from $5.612.
2. Key Levels:
Support: Around $3.462 (recent pivot).
Resistance: Around $4.113 and further at $4.60 (previous highs).
3. Moving Averages:
Price is hovering near the MA(5), which could indicate a potential continuation if it remains above it.
4. RSI: The RSI is 70.45, indicating overbought conditions but still within safe territory for further upward moves.
5. MACD: A slight bullish divergence with the MACD showing momentum turning positive. It’s an early signal for continued buying interest.
6. Entry/Exit Strategy (1d):
Entry: A clear break above $4.113 with confirmation (higher volume) offers a good entry for a swing trade. Alternatively, any retracement towards $3.776 can offer a safer entry.
Exit: Look for targets around $4.60 or trail profits as the price approaches this resistance.
Stop Loss: Below $3.462 to manage risk, especially if the market shows a pullback.
Summary:
Short-Term (4h): Overbought conditions suggest caution, but momentum can continue if the price breaks $4.113. A retracement toward $3.776 offers a better risk/reward entry.
Medium-Term (1d): The price is showing bullish potential. A break above $4.113 or a pullback to support zones could offer good entry points. Aim for profits at $4.50–$4.60 with stops below $3.462.
Be cautious of overbought conditions on both timeframes and monitor volume for confirmation of breakouts.
$zro
