- The ZEN coin shows the 20-and-50-day EMAs are on the verge of giving a bullish crossover
- The ZEN/BTC pair traded at 0.0013 BTC, with a gain of 0.79%,
- The ZEN’s coin 24-hour trading volume is $60.18 Million, indicating a 19.18% hike
On September 29th, the ZEN coin bounced from the $60.68 support with a bullish inside-day candle. However, the price couldn’t rally much higher and faced strong rejection from the $82 resistance level. Later the coin showed a minor pullback to the 200 EMA line, and now it’s back to resistance for another face-off.
Concerning the EMAs, the ZEN coin’s price is trading above the EMAs 20, 50, 100, and 200, indicating a bullish trend. Moreover, the 20 and 50 EMA can soon provide a bullish crossover, attracting even more buyers to the coin.
The RSI value (BULLISH) stands at 59=4, indicating a bullish sentiment about the price movement.
ZEN Coin Displays An Ascending Triangle Pattern
The ZEN coin shows an ascending triangle pattern in the 4hr time frame chart. The crucial resistance (neckline) for this pattern is at $82, which holds a great opportunity for crypto traders once the price gives a proper breakout from this resistance. The ZEN coin currently trades at $80, with an intraday gain of 2.2%.
The moving average convergence/divergence indicator (BULLISH) shows the MACD and signal lines moving higher than the neutral zone (0.00), indicating bullish sentiment. Moreover, these lines have also displayed a bullish crossover, projecting a buy signal for these traders.
Conclusion: The technical outlook for the ZEN coin still indicates a short-term bearish trend. However, the coin reveals a quick long opportunity for them, with its bullish pattern. Anyhow, to trigger an entry signal, the crypto traders have to wait until the price gives a decisive breakout from the $82 resistance.
Support – $70
Resistance- $82