$ZEN is currently bearish, yet we see potential for a short-term tactical bounce on the 1-hour timeframe. 📉 Key indicators like RSI and KDJ are deeply oversold, price is at the lower Bollinger Band, and a notable volume drop near recent lows suggests seller exhaustion. Remember, this is a counter-trend play within a broader downtrend.
Analyzing volume, previous declines to 8.761 saw significant selling pressure (680k-750k). However, recent candles show much lighter volumes (198k-408k), indicating potential seller exhaustion and signaling a possible bounce. 📊
Capital flows present a mixed picture, leaning negative overall. While 24-hour contract net inflow is 875k USDT, the 7-day view shows a substantial -11.19M outflow. Shorter timeframes (15m/30m) reveal inflows (557k/634k USDT), possibly hinting at short-covering and aligning with oversold technical signals. 💸
Entry for longs on $ZEN: Consider 8.78-8.85. The support zone around 8.756 (lower Bollinger Band) and 8.653 offers backup. For confirmation, await a strong 1-hour reversal candle (e.g., hammer, engulfing) with increasing volume. 📈
SL: Set a tight stop-loss at 8.65 USDT. This level is below key support and aligns with a low ATR of 0.152. 🛡️
TP for $ZEN: Initial target is the mid-Bollinger Band/MA5 area, around 9.15-9.16. A secondary target is the resistance zone at 9.058. While not a massive move, the setup presents a solid probability for a tactical bounce. 🎯