Sell $ZEN - Rejected at the 60 moving average resistance with weak proof of work
Current price: $9.445
Signal: The price is rejected at the 60 moving average resistance with bearish momentum, indicating weakness in the proof of work sector for a potential decline.
Entry: 9.440 - 9.460
First target: 9.200
Second target: 9.000
Third target: 8.800
Stop loss: 9.600 (above the 60 moving average resistance)
Chart analysis:
Held at the 60 moving average resistance: The price is rejected at the 60 moving average ($9.455), confirming this as a strong resistance level.
Weekly weakness: The weekly return of -6.35% indicates ongoing selling pressure and deterioration in the trend.
Pressure on the proof of work sector: As a proof of work currency, ZEN may face challenges at the sector level or a decline in investment interest.
Resistance test failure: Price movement shows an inability to break above the key moving average, indicating selling pressure.
Technical bearish setup: Negative weekly performance with rejection at the average creates a bearish setup.
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