ZEN broke our fiercely out of the bullish descending wedge. I hope that it keep trending above the recently broken resistance and converts it into a support.Fundamental Analysis
1. Privacy coins like ZZEC and
XMR are extremely bullish - ZEN ecosystem also offers privacy and allows controlling digital footprint.2.
ZEN halving event is coming up on 30th November. Thats could shoot up the price very high. easily above $10 (87000 sats)3. Horizen seems to have many announcements and partnerships coming up for their sidechains
4. Markets at the end-of-year are very bullish generally & the USA hoping to pass the stimulus package can push huge money into the market and make this run very high.
Technical Analysis
1.
ZEN broke out very hard out of the descending wedge that most people were waiting for. Not only it broke out of the wedge but also thrashed the next horizontal support in just 1 candle.2. Back in August
ZEN missed the cup and handle breakout opportunity. With tokens halving event upcoming, it can break out of extended cup-and-handle pattern and continue the bullish run
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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.