ZRO Technical Analysis
When we analyze ZRO, we see that the coin is trading within a broad horizontal channel pattern, which represents both an accumulation process and a potential for a new formation. The price is currently trading at around $1.73, very close to the lower border of the channel.The first resistance level to follow is $2.08 in the short term, which serves as both horizontal resistance and mid-border of the channel. The coin needs to break above the level at $3.35 for confirmation of the upward breakout. Unless this threshold is exceeded, we cannot say that the channel is broken upward; therefore, the level at $3.35 stands as a major resistance.We will consider the channel formation technically broken with price closings above the level $3.35, and then the target would be the level at approximately $7.00 – as long as the channel length.We should be following the levels at $1.65 - $1.46 and $1.33 as support levels respectively in case of a pullback. Remember that these levels are key levels within the channel.
- Summary:• Price: $1.73, close to the channel lower band• First resistance level: $2.08• Main breakout level: $3.35• Formation target on closes above $3.35: approximately $7.00• Intermediate resistance levels: $4.06 → $4.34 → $5.37• Support levels: $1.65 → $1.46 → $1.33
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.
