ZEN Technical Analysis: Will Buyers Surpass The $50 Mark?

ZEN coin price shows a rounding bottom pattern with the bullish reversal, which may shortly reach the $60 mark with the $50 breakout. Key technical points: ZEN coin price surpasses the $40 mark. However, the recent morning star results in a retracement of 2.09%. Finally, the 24-hour trading volume of Horizen is $30 Million, marking a 35% fall. Past Performance of ZEN The ZEN coin price shows a bullish reversal from the $32 mark resulting in a growth of 35% and the 50-day EMA breakout in the last three weeks. Furthermore, the reversal creates a possible rounding bottom pattern with a neckline at $48. However, the morning star pattern threatens the reversal possibility. Hence, a lower price rejection near the 50-day EMA is essential to maintain the bullish pattern. Source-Tradingview ZEN Technical Analysis ZEN coin price shows higher price rejection near the 100-day EMA, resulting in the morning star pattern. Moreover, the fall in buying pressure is evident with the fall in the trading volume. The crucial EMAs (50, 100, and 200) project a bearish alignment, with the price struggling to sustain above the 50-day EMA. However, the potential bullish pattern breakout could result in a rally to the 200-day EMA. RSI Indicator: The RSI slope shows a rounding fall near the overbought boundary after a prolonged uptrend from the oversold zone. However, the support from the 14-day SMA could result in a bullish recovery. MACD Indicator: The ...