💎 ZEN has recently undergone significant market dynamics. Currently, ZEN is showing signs of weakness as it loses support along the trendline, indicating a potential downward movement toward the demand area around 6.3.
💎 Upon reaching the demand area, there may be a substantial bounce for ZEN, potentially leading to an upward breakout from the descending channel pattern. If ZEN successfully breaks out of this pattern, its probability could pave the way for a retest of the Bearish OB area.
💎 However, if ZEN fails to bounce upon reaching the support area and instead consolidates, there is a possibility of a breakdown below the demand level. In such a scenario, the price would likely continue its downward trajectory towards the next significant support area.
💎 The strong support area holds critical importance for ZEN, especially as it represents a bottom support level on the Binance exchange. Historically, significant bounces have been observed in this zone. Therefore, if ZEN manages to reclaim the area above the demand, it could signal a resurgence in upward movement.
The selloffs are pretty strong and they're continuing. But, there seems to be a buyer on the market, trying to hold the fall. Do you think it's possible that there is a false break of the support?
It is difficult to evaluate the coin fundamentally, as ZEN does not have this, but, technically, something can be solved
Do you think it's possible that there is a false break of the support?
It is difficult to evaluate the coin fundamentally, as ZEN does not have this, but, technically, something can be solved