ZRO/USDT Technical Analysis
Looking at the chart on a daily timeframe, it is clearly seen that the coin is trading within a wide horizontal channel pattern, which indicates an accumulation process and a potentially forming new pattern in a technical sense. The price is trading around the level of $2.30, holding above the mid-border of the channel.We should be following the price zone of $2.58–$2.76 as a strong resistance, and for the confirmation of the upward breakout, the price needs to hold above $3.35. Unless this level is broken above, the channel pattern cannot be considered breached; therefore, the level of $3.35 stands out as a strong resistance level.The channel pattern is considered broken technically if the price can close above $3.35, and then the price target could be around the level of $7.00 — as long as the channel’s length.We should be following the levels of $2.08, $1.75, and $1.46 respectively as support below in the event of a pullback of the price. Remember, these support levels are important levels within the channel formation.
Summary:
- The price is trading at around $2.30, above the mid-border of the channel.
- First resistance level: $2.58–$2.76
- Actual breakout level: $3.35
- Above $3.35, formation target is around: $7.00
- Intermediate resistance levels: $4.06 → $4.34 → $5.37
- Levels of support: $2.08 → $1.75 → $1.46
- Channel structure can be considered as accumulation and a potential formation.
These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, traders are responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during trades.
