The longs were completely wiped out, and the shorts thought they were winning — and that is often when $ZEN turns around the fastest.

This drop looks more like a trap than a real decline.

ZEN was sold off from 12 down to 9.x in a downward trend, but after that, the chart no longer expanded the falling margin and began to contract. This is a very familiar behavior when the selling side starts to run out of strength. Long red candles that gradually lose depth are always a signal of a near bottom. If ZEN just needs one confirming bounce, the confident shorts may become liquidity.

$ZEN #ZEN/USDT

ZENUSDT

Perp

10.56

+18.87%