ZEN Technical Analysis: Will Buyers Surpass The $50 Mark?

Key technical points:

Past Performance of ZEN

The ZEN coin price shows a bullish reversal from the $32 mark resulting in a growth of 35% and the 50-day EMA breakout in the last three weeks. Furthermore, the reversal creates a possible rounding bottom pattern with a neckline at $48. However, the morning star pattern threatens the reversal possibility. Hence, a lower price rejection near the 50-day EMA is essential to maintain the bullish pattern. 

Source-Tradingview

ZEN Technical Analysis 

ZEN coin price shows higher price rejection near the 100-day EMA, resulting in the morning star pattern. Moreover, the fall in buying pressure is evident with the fall in the trading volume. 

The crucial EMAs (50, 100, and 200) project a bearish alignment, with the price struggling to sustain above the 50-day EMA. However, the potential bullish pattern breakout could result in a rally to the 200-day EMA.

RSI Indicator: The RSI slope shows a rounding fall near the overbought boundary after a prolonged uptrend from the oversold zone. However, the support from the 14-day SMA could result in a bullish recovery. 

MACD Indicator: The MACD and signal lines showcase a positive trend in action, but the minimalistic bullish spread reflects the lack of buying momentum. Otherwise, the MACD histograms showcase a positive sideways trend in motion.

In a nutshell, the ZEN technical analysis gives a bullish vibe and projects the possibility of the $50 breakout.

Upcoming Trend 

The ZEN coin price could reach the $60 mark if the buyers sustain the pressure and result in the rounding bottom breakout. However, the psychological barrier at $50 and the 100-day EMA will provide solid resistance to the growing prices. 

Howsoever, the fallout possibility with the morning star pattern could result in the 50-day EMA fallout and a price fall to the $35 mark.

Support Levels: $40 and $35

Resistance Levels: $50 and $60