SHORT $ZEN - REJECTION AT MA60 RESISTANCE WITH POW WEAKNESS
Current Price: $9.445
Signal: Price is being rejected at MA60 resistance with bearish momentum, showing weakness in the Proof-of-Work sector for potential decline.
Entry: 9.440 - 9.460
TP1: 9.200
TP2: 9.000
TP3: 8.800
SL: 9.600 (above MA60 resistance)
CHART ANALYSIS:
MA60 Resistance Hold: Price rejected at MA60 ($9.455) confirming this as strong resistance level.
Weekly Weakness: -6.35% weekly return indicates sustained selling pressure and trend deterioration.
POW Sector Pressure: As a Proof-of-Work coin, ZEN may be experiencing sector-wide challenges or reduced investor interest.
Resistance Test Failure: Price action shows inability to break above key moving average, suggesting selling pressure.
Technical Downtrend: Negative weekly performance with rejection at MA creates bearish setup.
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