$ZEN
$ZEN in the Accumulation Zone! 🚀 Ready for a Relief Bounce?
Market Update:
Horizen ($ZEN) is currently showing a classic "oversold" setup on the 1H and Daily charts. After a recent dip to the $8.50 - $8.60 range, the price is stabilizing at a major historical support level.
Technical Highlights:
Major Support: ZEN is currently holding the $8.50 support zone. Historically, this level has seen strong buyer interest.
RSI (Relative Strength Index): The RSI is currently in the oversold territory (below 30) on several timeframes, suggesting the selling pressure is reaching exhaustion.
Bullish Divergence: We are starting to see a bullish divergence on the MACD, indicating that while the price is low, the upward momentum is quietly building.
Bollinger Bands: Price is currently trading outside or near the lower band, which typically leads to a "mean reversion" (price moving back to the middle band).
The Trade Plan:
Entry Zone: $8.55 - $8.65 (Current Market Price).
Target 1: $9.15 (First resistance/Middle Bollinger Band).
Target 2: $9.85 (30-day SMA breakout).
Stop Loss: $8.35 (Below the recent swing low).
Trader’s Insight:
ZEN recently migrated to the Base chain, which has improved its DeFi accessibility and long-term utility. While the short-term trend is bearish, the technical "oversold" bounce could be very profitable for scalpers and swing traders.
What’s your move? Are you catching the ZEN dip or waiting for more confirmation? Comment below! 👇
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