ZEN/USDT Weekly Analysis: Major Accumulation Zone
🧠 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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