ZEN Technical Analysis
Analyzing ZEN on a daily time frame, we see that the price has broken out of the long-held descending trend line, and after a healthy retest to this line, ZEN keeps its upward movement. The price managed to surge above $9 with the help of buyers starting in July in particular, suggesting that ZEN is now poised for a breakout.
We have the first strong support level at around the range between $8.34 – $8.12, which is technically crucial as it served previously as a channel where buying volume was high and it is close to the lower border of the downtrend. We can talk about deeper corrections because of the sell pressure if the price stays below this crucial level. Another lower support level is the range between $6.60 – $7.20, which is so far away from the level ZEN currently is and can only be mentioned should we see a major sell pressure.
The first resistance range before the price is now $8.96 – $10.21. The level at $10.21 can be a key breakout level as this level is both a horizontal resistance and a place where it intersects with MA200. Unless this key level is exceeded, price action could be limited. On the other hand, if the price can hold above this key level permanently, the target could be the range between the levels at $12.50 – $14.00.The next technical resistance level is $17.19 for stronger price action up.
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, the user is responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during trades.
