At the time of writing this article, ZEN, the utility token of Horizen, has a value of $117.23 (9.27% increase today) with a trading volume of $125,581,40 with an increase of about 45.13% over the past 24 hours. It has been of the top gainers today among the top 100 cryptocurrencies.
ZEN is listed on coinmarketcap in 89th place. It has a market dominance of about 0.05%. ZEN had created its all-time high around the price of $169.23. It later dropped to the price of $42 from where it showed reversal. The highest it went today is around $122. It has a circulating supply of about 11.79M. It has a total supply of about 21M.
Technical Analysis – Horizen (ZEN)
ZEN before the impulsive shot was moving in a channel. It can be seen that while moving in the channel, the price grabbed the liquidity with a fast wick upwards but soon closed inside the channel.
After the price touched the bottom of the channel, the price shot upwards and eventually broke the channel. This result in the creation of a higher high in the market.
After that, the price had a strong rejection from the top from where it broke down. It did eventually recover after bouncing from the line which was holding it in the first place. Even though the price is rising, the structure has broken down. Now we can expect the price to mitigate the middle of the candle which caused this move down. Now we can expect a possible reaction from this zone. Once it happens and we get the lower time frame conformations, we can expect the price to drop down to the position of the order block (which has been marked on the chart). Once the price reaches there (if) we can look for a possibility of along from there.
Invalidation would be ZEN holding above the red candle and moving upwards to continue the bullish structure.
Price Prediction – Horizen
The coin also seems to have a good future. Digital Coin Price expects a value of $173.39 by the end of the year and positive growth throughout the next five years. In 2025, it is expected to be around $277.79. Wallet Investor is more liberal with its predictions which expects ZEN to have a value of $185.25 by the end of the year and $493.28 within 5 years.
