The world’s most significant node source is provided with a distinct zero-knowledge network’s enhanced blockchain, the Horizen. The Zendo protocol supports the latter’s interoperability.
ZEN is Horizen’s native crypto asset, a mineable P-o-W coin that showed a breakout in the past few sessions. However, a breakout retest pattern was spotted, and the token reached the neckline mark of $10 this week.
Since June 2024, it has traded under the bullish influence and showed a massive upsurge, recording a range breakout. Last week, a profit booking move was noted, and the token retested the key 200-day EMA support zone.
Still, the short-term trend was bullish, and the token revealed the buying pressure. When writing, the ZEN token traded at $10.15 with an intraday gain of 6% and a weekly gain of 10%.
Can Horizen (ZEN) Go Beyond the $13 Mark This Month?
Despite a significant one-sided vertical upmove, the ZEN price faced a temporary cluster of $13 and returned from there. In contrast, the higher high swing was still intact, and the token targeted a next bullish leg up above the $13 mark.
It revisited the 200-day EMA support zone and formed a reversal pattern. A doji followed by a bullish candle conveyed the short-term reversal was intact.
Once the ZEN price crosses the $12 mark, it can go toward the $13 mark and also beyond it. If it breaks the $10 mark, the view will be invalidated.
On the traditional indicator front, the RSI curve hovering around the midline region had a reading of 48. It showed neutral projections.
However, the MACD indicator started plotting the green bars, and a bullish crossover was formed on the histogram.
@Stubnubgob, in his tweet, said that the accumulation zone is near the $10 mark. He also mentioned that shorting should be avoided before halving.
What Do On-Chain Metrics Reveal?
The weighted sentiment data showed a slight upmove and crossed the zero line, which was noted at 0.003137. It directed a bullish stance.
Its price volatility data showed a dip and remained flat in the intraday session at 0.018. This conveyed a decline in the speculation among the investors.
Total Liquidity Was at an Equilibrium
Amid the futures price increase, the liquidity data showed that the fight between the bulls and bears continues.
The token’s short liquidations were noted at $43k at press time. Meanwhile, the long liquidations were noted at $70k, which is around an equal weightage between the bears and bulls.
This means that, due to unclear direction, volume-based buying could affect investors. They need to keep an eye on it for a confirmed move.
If the token gains momentum and initiates a recovery, its bullish leg will be extended toward the upside mark of $13. It would be followed by $14 soon. Meanwhile, the bearish price movement might drag the price to $9.20 and $8.50.
The ZEN price rebounded from its 200-day EMA mark and displayed signs of a bullish rebound on the chart. Once it exceeds the $13 mark, a sharp one-way rally toward the $15 mark can be seen ahead.
