$BYBIT:ZETAUSDT | Underrated ! Long way up.

Nov 29

ZETAUSDT
Here with another speculation about crypto assets. This time Zeta Chain with ZETA ticker. Let’s take a look at the project’s information:
ZetaChain is the first Universal Blockchain with native access to Bitcoin, Ethereum, Solana, and more, offering seamless UX and unified liquidity to the next billions of users.
ZetaChain is designed to be a decentralized cross-blockchain smart contract platform. The vision of ZetaChain is to be a public computer on all important blockchains, on top of which cross-blockchain decentralized applications can be easily built as public, trustless, and persistent smart contracts.
Source: Zetachain.com, Zetachain “Whitepaper”.
ZETA
Market Cap: $ 383 m
Market Cap Rank: 179
Market Price: 0.74 $
ATH: $ 2.7 (-72% now)
ATL: $ 0.326 (+127% now)
Technical highlights:
- W1:
Trend: Last LL created on Aug.2024 and since then price printed higher lows and higher highs (with a Bullish engulfing candle) indicating that trend is bullish. This pattern still valid till time of writing. There was a bearish trend line (series of LH and LL) that been broken by recent trend changes. Last week this trend line tested successfully as a support level. This is another positive vote for bullish trend alongside with other signs. (PS: it won’t be enough solely for change in trend)
MA: The price managed to break above the MA 20 kept it self above it for the last 3 week with good volume to confirm its uptrend.
RSI: Value is around 50 and is natural in weekly time frame.
OBV: as you may know on balance volume is a momentum indicator that tries to show possible smart money movements but it can be inaccurate sometimes and it’s better to combine it with other indicators like MA or BB. Current OBV value and Bollinger bonds value votes for possible smart money flowing in. OBV with MA broken out and gives the same bullish signal.
Volume: in last 4 months we can easily see the volume surge. The volume increase at the end of rallies signs for possible trend reversal. This must be checked with OBV, RSI and other indicators for clearer result. In my point of view volume matched current bullish trend and they are in the same direction.
- D1:
Trend: The major barrier at $ 0.75 to $ 0.78 has been removed and absorbed by buy orders. This level been a major resistance level for more than 4 months. Just like what we’ve seen in W1 chart bearish trend line broken and tested as support with solid move.
MA: price moves above all key Mas like 10,20,50,200 in daily time frame. 2 days ago last critical MA (MA200) broken successfully. This move comes into my attention because this level was a horizontal resistance level too (above mentioned). So this break out shows strength in this move and signals green candles ahead.
RSI: RSI is 57 and has more room to get more strength. I expect to see RSI to follow uptrend soon. As long as it values more than 53.5, I remain bullish for the trend direction.
Like most other altcoins, there is a golden cross in the MAs about to happen. That signals more uptrend in the coming days.
Supports:
$ 0.76 Ma200 in D1
$ 0.68 MA50 in D1
Resistances:
$ 0.88 D1 Local high
$ 1.12 - $ 1.35
$ 1.65 to $ 1.75 supply zone
Conclusion:
All these opinions are mine and can be wrong, so please DYOR.
According to its use cases and small market cap I think this project has a great potential to grow more and ascend in market cap ranking, and I will buy in steps and after confirmation of a successful S/R test on MA200 in daily time frame. If price managed to absorb/break $ 1.75 supply level I will update this chart.
My strategy goes as below:
🛒 Pair: ZETA/ USDT 🛒
👑 Bitcharge 👑
🕰 29/11/2024 🕰
POSITION: 🟢"Buy"🟢
2 % of capital
🛒 Buy1: $ 0.73 – $ 0.77 🛒
🛒 Buy2: $ 0.65 – $ 0.68 🛒 DCA
👉Sell Targets👈
🎯TP1: $ 0.88 🥉
🎯TP2: $ 0.98 🥈
🎯TP3: $ 1.12 🥇
🎯TP4: $ 1.22 🚁
🎯TP5: $ 1.35 ✈️
🎯TP6: $ 1.49 🚀
🎯TP7: $ 1.65 🛰
🎯TP8: $ 1.74 🛰
⛔️ SL: $ 0.60 ⛔️ by closing D1 Below

Your support gives me more energy to carry on...

Nov 30

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