- The RSI shows a significant bearish divergence in the ZEN coins price
- the ZEN/BTC pair traded at 0.0000241 BTC, with a gain of 4.35%,
- the ZEN’s coin 24-hour trading volume is $406.5 Million
With the formation of a Cup and Handle Pattern in the daily frame, the ZEN coin offers a great long opportunity for Crypto Investors. This Pattern has a $110 neckline as its key resistance. And the ZEN coin’s price is currently trading at $110, with an intraday loss 6.67%. Thus, the coin traders should wait for the price breakout from the overhead resistance before they enter the Crypto market.
Concerning the EMA’s, the ZEN coin’s prices trade high above the EMAs 20, 50, 100 and 200, indicating a bullish trend. These EMA’s lines can also be used as good support level if the price decides to reverse.
The RSI value (BULLISH) stands at 59, indicating a bullish sentiment about the price movement. However, the Crypto Investors may notice a slight bearish divergence of the price action, which suggest slight weakness in the bullish rally.
ZEN Coin Chart In The 4hr Time Frame
The ZEN coin shows long higher price rejection candle at the $110, suggesting the intense selling pressure above this level. With the current rejection from the overhead resistance level, the next valid support level for this coin should be around $95.5 and $88, where the long traders can expect a reversal.
The MACD indicator (BULLISH), shows the MACD and signal lines moving higher than the neutral zone (0.00), indicating bullish sentiment. The indicator also displays faded green bars on a histogram chart, which suggests that bulls are slowly losing momentum.
Conclusion: The technical outlook for the ZEN coin is bullish, and as mentioned above, the chart holds an excellent opportunity for ZEN traders by forming a Cup and handle. The Crypto trader could add this coin in their watchlist to grab a long trader if the price provided a decisive breakout from the $110 mark.
Support – $95.5
Resistance- $110