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$ZEN Explodes +16%! Is $12.00 Next or Will it Crash? 🔥
Market Update:
$ZEN has just woken up with a vengeance! The privacy coin has blasted through resistance, hitting a local high of 10.795 before slightly cooling to 10.20. The RSI is currently at 81.88, indicating extreme buying pressure. This is a classic "Blue Sky Breakout" scenario, but caution is needed as volatility is peaking.
📈 Technical Outlook:
The Impulse: The massive green candle confirms strong institutional buying. The price is well above the EMA 7 (9.56), showing aggressive momentum.
Overbought Signal: With RSI above 80, the market is "frothy." Typically, price needs to either consolidate sideways or wick down to retest the EMAs before continuing higher.
Volume: Buying volume (bottom panel) has spiked significantly, validating the breakout strength.
🎯 TRADE SETUP (Momentum vs. Patience)
Strategy: The "Easy" Long is gone. Now we wait for a "Dip & Rip" setup. Chasing at $10.20 is risky.
🛒 Ideal Entry Zone: $9.50 - $9.70 (Retest of the EMA 7 support)
🚫 Stop Loss: $8.95 (Below the breakout structure & EMA 25)
🎯 Take Profit Targets:
$10.80 (Retest of today's wick high)
$12.00 (Psychological resistance)
$13.50 (Extension target)
⚠️ Risky Scalp (Short):
If price hits $10.80 - $11.00 and rejects, aggressive traders can Short for a quick pullback to $9.80. (High Risk).
🧠 Trader's Note:
In parabolic moves like this, the EMA 7 (Yellow Line) is your best friend. As long as the price stays above this line on the 4H chart, the trend is strictly UP. Do not short the trend unless you see a clear reversal pattern!
Disclaimer: This is technical analysis, not financial advice. DYOR.
#ZEN/USDT #Horizen