$ZEN is in a downtrend, struggling to rise above $13, attracting sellers towards $9.5 support. Examined are technical indicators and market reactions.
Current $ZEN Status Analysis
$ZEN has been experiencing a prolonged decline, indicating selling pressure. Price movement suggests failure to maintain levels above key resistance points, drawing closer to support zones. Traders are monitoring technical indicators for potential trend direction shifts.
Technical Indicators and Implications
The Relative Strength Index (RSI) stands at 29.69, indicating oversold conditions. Rising trading volumes may signal behavioral change among market participants. A descending channel serves as a guide for identifying immediate support and resistance levels.
Key Support and Resistance Levels
The primary support range for $ZEN is between $9.67 and $13.01, where previous buying interest was recorded. Holding this zone could lead to a short-term recovery. Resistance is observed at $19.91, aligning with the 25-day Simple Moving Average (SMA). Breaking past $20 with enough volume might support further upward movement. Conversely, a breakdown below $10 might push the asset towards the next major support area between $3.50 and $5.00.
The overall trend remains downward, with price action reflecting a seller-dominated market. Moving above key resistance levels is necessary to indicate a potential trend shift. Market participants are closely watching volume activity and RSI levels for possible buying opportunities. Without structural changes, further price decreases are possible.
