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ZEN has seen a significant increase in the past couple of days, with a 16% rise that definitely caught a lot of attention. But a closer look at the market data reveals something a bit off—trading volume surged by 1119%, yet the price actually retreated from the high point. This kind of phenomenon warrants some reflection.
On the surface, it appears to be a standard volume-driven upward trend, but once you switch to the hourly chart, the situation changes. The RSI on the 4-hour chart has already soared to a high of 64, while the price is pulling back, with a decline of about 10%. This is a classic signal of divergence between volume and price—massive inflows that can't sustain the price, often indicating that the main players are offloading at high levels.
In simple terms, this market rally was fueled by the emotion of a single-day surge, but the multi-cycle momentum has long since diverged. It looks like a trend initiation, but in reality, it's more like the main players shaking out their positions at high levels.
My current thinking is to wait and see. If ZEN can break through and hold above 12.80 USDT strongly, then there are more reasons to be optimistic; conversely, if it falls below the support at 11.80 USDT, the bears might start to gain momentum. Right now, the bulls and bears are testing each other at this price level, and the market fluctuations are too intense. There's no need to take risks for small gains.