In the technical analysis of ZEN today we will understand the ongoing trends related to price performance, Horizen is an open-source blockchain network with a robust decentralized node infrastructure. It has PoS (Proof-of-Stake) sidechains and PoW(Proof-of-Work) mainchains with end-to-end encryption. Thus, it is a highly secure ecosystem for digital currency transactions. ZEN is the prime governance token of this network. Past Performance On April 9, 2021, ZEN started trading at $73.04. As of April 15, 2021, ZEN closed at $108.78. Thus, in the past week, the ZEN price has surged by approximately 49%. In the last 24 hours, ZEN has traded between $106.49 – $115.99. https://ift.tt/3sonznx Day-Ahead and Tomorrow Currently, ZEN is trading at $111.20. The price has increased from the opening price of $108.80. Thus, the market looks bullish. The MACD and signal lines have turned negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect the price to start declining. The OBV indicator has fallen steeply. Thus, selling volumes are much higher than buying volumes. Heavy sell-offs will exert downward pressure on the ZEN price. Hence, we can expect the price to drop further. Currently, the RSI indicator is at 47%. It faced rejection at 34% and rose to the current level. Thus, buying pressures are gradually building. Thus, we can expect the price to rise further. ZEN Technical Analysis At present, ZEN is trading above the Fibonacci pivot point of $110.42. As some oscillators have shown a price pullback, we can expect the price to fall till the pivot point before resuming its upward journey. It may even fall up to the first support level of $106.79 before starting to rise again. The price is soon likely to fall below 61.8% FIB retracement level of $110.12. In a few hours, if the price falls below 138.2% FIB retracement level of $102.86, then probably a downtrend has set in. In that case, we can expect a price downswing tomorrow as well.
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