ZRO
We are interested in finding and considering scenarios for growth in altcoins, but at the same time having strict arguments and grounds from a TA perspective, this is important so that one's own emotions (desires) do not distract from the real picture that exists on the charts.
After reaching the conservative target of $7.3, ZRO could not detach itself from the overall negative market environment and showed a decline from $7.6 to $1.5 at the moment.
All support levels have been broken, and the rise itself occurred within a corrective structure. Yes, such a growth structure is not a surprise to me, as the rise was initially anticipated (as with most altcoins) in this manner, hence the conservative target of $7.3 was set within the WXY model, on the initial chart.
Now it is interesting to figure out what can be expected after such a wave of decline, which not only absorbed all previous growth but also went below the level of $2.7.
Since at this moment there are no credible arguments for forming a trading plan, only guesses based on experience, within the framework of the hypothesis, one can assume the formation of a prolonged sideways trend, which is justified in the context of declining dominance and the absence of a dump on BTC.
What can confirm this hypothesis? The first main condition for such an idea (a flat with subsequent growth to a new ATH) is a strong recovery. By strong recovery, I mean at least a rise to the values of 0.618 or $5.24, and in a standard case, to 0.786 or $6.25.
Such a recovery will provide a concrete argument, the first hint for a further justified trading plan. I emphasize that this is the first condition, not an expectation.
If we assume that we accurately predicted the next 5 steps along the trend at the zero point of the setup (which is extremely unlikely), we should see confirmation of this in the form of a recovery to the specified prices.
At the same time, if, for example, I decided not to sell the asset at $7.32 or bought it after the first dump with the idea of growth, in any case, I would strive to get rid of it during this wave of recovery, waiting for the fact of setup formation while being in USDT.
$2.5 is currently a key support level. In the context of growth, ZRO should not lose it.
