$ZRO has seen a sharp drop from recent highs of 1.463, falling below the key moving averages (MA7 and MA25), with price now hovering around 1.400. This significant pullback suggests a retracement after an overextended move higher. The volatility spike in the last candle, confirmed by higher volume, suggests that profit-taking or liquidation has occurred, with potential further downside if the current support at 1.399 fails to hold.
Key Support and Resistance Levels:
* Support: 1.399, which is near the 24h low and recent price action support. A breakdown here would target the next support around 1.396.
* Resistance: The recent high at 1.463 serves as the resistance to watch. If price can reclaim this level, it could trigger further upside momentum.
Momentum Indicators:
* The MA7 crossing below the MA25 indicates short term weakness. The MACD is showing a bearish crossover, suggesting downward pressure unless a reversal occurs.
* Volume is spiking, signaling strong price action, but the recent red candles suggest that the sell-off may continue unless the price stabilizes above 1.399.
Market Action:
* Whale activity appears to have triggered a quick sell off, with traders reacting to the weakness after failing to break the 1.463 resistance.
* Funding rates are likely neutral, but liquidity needs to stabilize around key levels for further trend clarity.
My Take:
* TP (Take Profit): 1.396 (short-term target if bearish momentum continues).
* SL (Stop Loss): 1.467 (above the recent high to avoid getting stopped out prematurely).
As always, make sure to do your own research before entering any trades.
