$ZEN /USDT Technical Analysis: Reversal Potential After Recent Drop!

Current Price: $24.73 (-14.34%)

24h High: $29.68

24h Low: $24.72

Technical Analysis:

Trend: Bearish. ZEN has experienced a significant 14.34% drop in the past 24 hours, indicating strong selling pressure.

Support Levels:

Immediate Support: $24.72 (24h low).

Stronger Support: $24.00 (psychological level).

Resistance Levels:

Immediate Resistance: $25.50.

Stronger Resistance: $26.50.

Indicators:

RSI: Near the oversold zone (~30), suggesting a possible short-term bounce.

MACD: Bearish crossover, signaling a continuation of the downtrend.

Volume: Moderate volume (1.47M ZEN traded in 24h), showing sustained selling activity.

Trade Signal:

Momentum: Bearish, but with oversold conditions signaling a potential reversal.

Trade Type: Short-term reversal or swing trade.

Entry Point:

Enter near $24.73 to $24.72 (close to current support).

Targets 🎯:

1. Target 1: $25.50 (Immediate resistance level).

2. Target 2: $26.00 (Stronger resistance level).

3. Target 3: $26.50 (Key resistance level for potential trend reversal).

Stop Loss:

Set stop loss just below $24.00 (psychological support).

Risk Management:

Risk-to-reward ratio: 1:2 or better.

Position size: Adjust based on your capital and risk tolerance.

Caution:

As ZEN is a POW coin, it can experience substantial volatility. Be prepared for price fluctuations.

Monitor broader market trends and adjust your strategy accordingly.

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