- The Horizen coin is trading with bearish momentum with the current value at $7.49.
- The year-to-date return of ZEN coin is -47.30%, with an increase of 5.79% in a month.
- ZEN/USDT price trades below the 50, 100, and 200-day EMAs and above the 20-day EMA.
The Horizen coin is currently trading at $7.49 in a downtrend that had started from July 28, 2023. The price is currently experiencing bearish momentum and lost almost -25.96% of its value since its recent fall. ZEN coin lost almost -47.30% of its value in this year till date. However, the price saw an increase of 5.79% in a month and a 2.02% increase during the intraday trading session
The ZEN/USDT pair experienced a breakout from a short-term downtrend when it reached the $7.17 level. However, this breakout doesn’t appear to have the strength to sustain the price above that level. Currently, the coin’s price is heading towards a significant resistance level at $8.12, which is likely to act as a liquidity zone. Once the necessary liquidity is gathered at this level, the price may continue its trajectory within the existing bearish market conditions.
Source: ZEN/USDT by Tradingview
The price of the ZEN coin experienced a prolonged decline before finding support at the $5.81 level on June 11, 2023. Following this support, the price initiated a bearish correction, targeting previous supply zones to absorb liquidity. Subsequently, it resumed its overall bearish trend and reached the current demand zones, where it has temporarily paused.
It’s anticipated that the price will test the $8.12 level next, but a bearish outlook prevails due to the overall bearish market structure. The coin’s price is expected to be influenced by this prevailing bearish sentiment, which could result in further downward movement after testing the mentioned level.
Horizen Might Reach $10.14 level
The coin price shows some bullish strength in the demand zones that are becoming reactive to the price. If the price will strike the $8.12 level and make a support after the breakout, then it will probably go for the next resistance level at $10.14.
As the price approaches the $8.12 level, it might encounter strong selling pressure and trigger a significant drop of -40% .
Will ZEN Coin Price Break Down to $5.81 level?
Source: ZEN/USDT by Tradingview
The coin price is below the 50, 100 and 200-day EMAs and above the 20-day EMA. The coin’s current price position relative to its EMAs suggests a short-term uptrend, with potential for a longer-term uptrend, but it also indicates a potential breakdown below the $5.81 level.
The MACD indicator’s weak volume on both sides and the signal line trading in the middle indicate a lack of strong bullish or bearish momentum at the moment. The RSI, on the other hand, trades at 53.87 above the middle band, suggesting that bulls have more strength in the current trading session compared to bears.
Technical Levels
- Resistance Levels: $8.12 and $8.84
- Support Levels: $6.61 and $5.81
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial investment or any other advice. Investing in or trading crypto assets comes with the risk of financial loss.
