Horizen is a highly safe and tamper-proof interoperable blockchain network that aims to solve real-world problems using digital currencies. It has the largest and highly decentralized node infrastructure. End-to-end encryption of digital transactions, PoW (Proof of Work) based mainchain, and PoS (Proof of Stake) based side chains are other standout features of this network. ZEN is the customized token of this ecosystem and its technical analysis is as follows: Past Performance On Jun 10, 2021, ZEN opened at $92.62. On Jun 16, 2021, ZEN closed at $89.55. Thus, in the past week, the ZEN price has increased by roughly 3.31%. In the last 24 hours, ZEN has traded between $88.82-$92.79. https://ift.tt/3wLXhOI Day-Ahead and Tomorrow Currently, ZEN is trading at $89.54. The price hasn’t changed much from the day’s opening price of $89.55. However, overall the market seems bearish. The MACD and signal lines are negative. Thus, the overall market momentum is bearish. However, a bullish crossover by the MACD line over the signal line has occurred. Moreover, both the lines are close to the zero line and may change signs soon. Hence, a trend reversal or an intermittent price rise amidst a bearish trend may occur. Currently, the RSI indicator is at 31%. It faced rejection at 50% and fell to the current level. Hence, selling pressures are very high for ZEN. High selling activity will push the price downwards. Besides, the OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. The OBV indicator is giving further credence to the bearish momentum shown by the other two indicators. Thus, as of now, all three oscillators have given negative signals. ZEN Technical Analysis Currently, the price is below the Fibonacci pivot point of $90.39. It may soon fall below the first Fibonacci pivot support level of $88.87. If the bears gain full strength, then the price may surpass the subsequent support levels of $87.93 and $86.42, by day end. The price has tested and fallen below the 23.6% FIB retracement level of $89.76. The price may soon test and fall below the 23.6% FIB extension level of $87.88 as well. Thus, as of now, the bears seem strong. Hence, we may expect the price downtrend to continue today and tomorrow.
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