This article was first published on Huobi Group - Medium
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After blasting through August’s significant swing high, it comes as no surprise that ZEN is consolidating at the end of its 330% move. The price is presently chopping through the level formed by February 2020’s swing high.
However, bulls quickly bought each drop toward support at $10.72. Another test of this support level, which also shows an inefficient gap on the daily chart, could give bulls a reasonable entry.
More aggressive bulls could anticipate a bounce from the previous swing high at $11.63. However, the next support is far below and near the monthly open — making risk management especially important for recent entries.
Fresh or holding bulls could look for a first target near the current resistance at $18.54. A second target could be the old highs near $23.41, potentially reaching up to the next significant resistance at $28.94.
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Huobi Group - Medium