Based on the technical analysis of ZEN/USDT on the daily timeframe, the price action currently suggests a significant recovery phase following a prolonged corrective structure. The chart highlights a completed Elliott Wave impulse to the downside, which found a local bottom near the $4.95 level, coinciding with the 0 Fibonacci retracement.
The subsequent price movement shows an emerging bullish reversal characterized by a clear harmonic pattern formation and a successful retest of the lower ascending support line. A key technical confirmation is the presence of hidden bullish divergence on the RSI indicator, which aligns with the strong volume spikes seen during previous accumulation phases.
Currently, the price is consolidating just below the 0.382 Fibonacci level at $8.49. A sustained breakout above this resistance, supported by the ongoing RSI recovery, would likely validate a move toward the 0.5 and 0.618 retracement targets, specifically aiming for the $9.59 to $10.47 liquidity zones. Traders should monitor the stability of the current support around $6.14 to ensure the bullish structure remains intact for this projected upside move.