$ZEN
ZEN/USDT: Critical Support Test in Progress
Horizen (ZEN) is showing significant volatility on the 15m timeframe. After hitting a 24-hour peak of 8.010, the price has undergone a steady correction and is now testing a vital psychological support zone.
Key Market Data
Current Price: 7.671 USDT
24h Change: -2.65%
Recent Low: 7.628
24h Volume: 3.58M USDT
Technical Analysis
Moving Averages: The price is currently trapped below the MA(7), MA(25), and MA(99). The MA(99) at 7.841 is acting as a major resistance level, while the immediate short-term resistance sits at 7.668.
MACD Indicators: The MACD shows negative momentum with the DIF at -0.036 and DEA at -0.030. The red histograms indicate that sellers currently have the upper hand, though the downward slope is beginning to flatten.
Price Action: The asset recently hit a bottom of 7.628 and is attempting a minor recovery. This level is the line in the sand for buyers.
The Outlook
Bearish Scenario: A breakdown below the 7.628 support could lead to a deeper liquidation phase as stop-losses are triggered.
Bullish Scenario: A sustained move above the 7.746 (MA25) level would signal a potential trend reversal and a move back toward the 8.00 psychological barrier.
Would you like me to check the 1-hour or 4-hour charts to see if this is part of a larger trend?
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