🧠 Chart Analysis Overview (ZEN/USDT - 1W):
This weekly chart of Horizen (ZEN) against Tether (USDT) reveals a long-standing accumulation zone, and current price action hints at a possible bullish reversal from a critical support level. Let's break it down:
🟨 Key Technical Zone:
Support Zone (Accumulation): $5.06 – $7.06
This zone has acted as a major historical support area dating back to early 2021. Price has tested this zone multiple times and shown rejection, indicating strong buyer interest.
🔼 Bullish Scenario:
1. Price Rejection from Support:
A strong bullish wick and potential bounce from the $7.06 area signals accumulation and possible reversal.
2. Upside Targets (Resistance Levels):
$10.55
$14.71
$20.51
$30.08
$49.78
Long-Term Targets: $108.12, $144.81, $169.23
3. Pattern Indication:
The price action resembles a triple bottom formation within the accumulation zone — a classic reversal pattern. The yellow projection shows a possible V-shape recovery or rounded bottom scenario.
4. Trigger Confirmation:
A weekly close above $10.55 would be a confirmation trigger for continuation toward the next resistance levels.
🔽 Bearish Scenario:
1. Failure to Hold Support:
If ZEN fails to hold the $7.06 support zone and closes below the historical low of $5.06, the bullish structure invalidates.
2. Downside Risk:
Below $5.06, there's no significant historical support, suggesting a sharp drop is possible — potentially entering uncharted territory.
3. Bearish Breakdown Trigger:
Watch for weekly candle body close below $5.06 with volume — this could initiate further downside pressure.
📐 Pattern Summary:
Pattern Forming: Triple Bottom / Accumulation Zone
Type: Reversal Pattern
Timeframe Validity: Weekly – suitable for mid-long-term swing outlook
Volume Context: Not visible in chart, but confirmation from volume would strengthen the setup
🎯 Strategic Outlook:
Bias: Neutral-to-Bullish (While above $7.06)
Ideal Entry: Around $7.00 with tight invalidation below $5.00
Invalidation Level: Weekly close < $5.06
Take-Profit Zones: $10.55 → $14.71 → $20.51 → $30.08 → $49.78
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✅ Twitter: twitter.com/crypto_nuclear
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.