ZANO/USDT Faces Rejection

While the ZANO token has seen a moderate upside retracement, price action has encountered notable downward rejection. Technically, this keeps the market under strong headwinds. Technical indicators are also aligned to suggest the possibility of price action falling to lower support levels.

Zano Statistics

ZANO Current Price: $6.865

Market Capitalization: $91.61M

Circulating Supply: 13.43M

Total Supply: 14.31M

CoinMarketCap Rank: 348

Key Price Levels

Resistance: $7.00, $8.00, $9.00

Support: $6.00, $5.00, $4.00

ZANO/USDT Downward Retracement Appears to Strengthen

Price action in the ZANO daily market has remained below key technical levels since approximately March 3. Additionally, the market has struggled to break above these critical resistance levels.

In the previous session, price activity rebounded off the 20-day Moving Average (MA) line. Although the downward retracement has been modest, bearish momentum appears to be strengthening, as evidenced by the formation of subsequent price candles following the downward rebound. The Stochastic Relative Strength Index (RSI) lines are shaping up to indicate a stronger downward retracement as they prepare for a crossover.

Zano Hovers Around the 100-Day MA

The ZANO/USDT market, as seen in a 4-hour chart presentation, offers a slightly different outlook. Here, price activity has been steadily descending but appears to be hovering around the 100-day MA line. The latest price candle exhibits an upper shadow, indicating reluctance for a steeper decline.

Nevertheless, this market remains above the 20-day MA line, which serves as a last line of defense for bulls. Additionally, this suggests that price action may not decline as sharply as it appears on the daily chart. Therefore, bearish traders should monitor support levels around the $6.580 price mark in case the downward retracement persists in the near term.

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