Horizen is a highly secure and tamper-proof interoperable blockchain network that aims to solve real-world problems using cryptocurrencies. It has the largest and highly decentralized node infrastructure. End-to-end encryption of electronic transactions, PoW (Proof of Work) based mainchain, and PoS (Proof of Stake) based side chains are other distinct features of this network. ZEN is the customized token of this ecosystem. Let us look at the technical analysis for the same. Past Performance On Jun 23, 2021, ZEN opened at $55.02. On Jun 29, 2021, ZEN closed at $66.52. Thus, in the past week, the ZEN price has increased by roughly 21%. In the last 24 hours, ZEN has traded between $62.13 – $72.54. https://ift.tt/3jtex7G Day-Ahead and Tomorrow Currently, ZEN is trading at $69.01. The price has increased from the day’s opening price of $66.52. Thus, the market seems bullish. 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 closer to the zero line and may change signs soon. Hence, we can expect the price to start increasing further. Currently, the RSI indicator is at 60%. It faced rejection at 24% and rose to the current level. Hence, buying pressures are high. High buying activity will push the ZEN price further up. However, the OBV indicator has started falling steadily. Thus, selling volumes are slowly overtaking buying volumes. High offloading activity will exert downward pressure on the ZEN price. In short, the OBV oscillator has given negative signals while the MACD and RSI indicators have given positive signals. Hence, the overall market momentum seems bullish. But, we have to wait and watch if an intermittent price pullback is a market correction or the indication of a bullish trend reversal. ZEN Technical Analysis Currently, the price is below the first Fibonacci pivot resistance level of $71.04. The price may soon surpass the second Fibonacci pivot resistance level of $73.50. Thereafter, we have to wait and watch if the price continues to rise or falls again. The price may soon test and fall below the 23.6% and 38.2% FIB retracement levels of $70.08 and $68.56 respectively. By day close, the price may retest and break out of these levels. In that case, the bullish trend may continue tomorrow as well.
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