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Cryptoknowmics 2022-04-26 13:00:58

ZEN Technical Analysis: A High Chance Of A 70% Rebound

ZEN cryptocurrency has been moving in a gentle falling channel for almost a year and is traded without much emotion. Trading volumes are low, local lows are updated rather lazily. The local ZEN price rebounds are also lazily organized. However, starting in January 2022, the situation began to resemble preparing the market for a reversal. In the weekly timeframe, we see that buyers were unable to take control of the $32 mark in January-February. In history, we see that in the range of this mark there was no significant accumulation of buyers positions. Unsuccessful attempts by sellers to break and fix below the $32 mark indicate local weakness and high chances of growth. The main condition for such a scenario is the successful closing of the weekly candle on 25 April. In the chart, we see that sellers have started a trading week to update the local low. Though, in the $32 range, buyers resisted, creating a pin on the weekly timeframe. Of course, the trading week is not over yet. But, if the situation does not change, the beginning of the ZEN growth phase should be expected next week. This phase symbolically falls on May 2022. However, even a 70% increase in the ZEN price will not mean a global trend change. As long as the ZEN price is in a falling channel, the targets for potential growth waves will be modest. Technical Analysis Of ZEN On The Daily Timeframe

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