Horizen Price Prediction 2021 – Will ZEN Hit $165 Soon?

Horizen Price Prediction 2021 - Will ZEN Hit $165 Soon?
  • Bullish ZEN price prediction ranges from $60 to $161.80.
  • ZEN price might also reach $165 soon.
  • ZEN bearish market price prediction for 2021 is $27.90.

In Horizen (ZEN) price prediction 2021, we use statistics, price analysis, ADX, and many other information about ZEN to analyze the future trend of cryptocurrency.

Horizen (ZEN) is an interoperable blockchain system, it was supported by decentralized node infrastructure. It focuses on scalable data privacy and allows businesses and developers to custom build their own public or private blockchain using its unique sidechain technology.  

According to CoinGecko, the ZEN price is trading at $46 with a 24-hour trading volume of $29,833,977, at the time of writing. However, ZEN has increased by 7.59% in the last 24 hours.

In addition, ZEN has a circulating supply of 11,322,456.25 ZEN. Currently, ZEN trades in cryptocurrency exchanges such as Binance, OKEx, CoinTiger, Huobi Global, and HitBTC.

Horizen (ZEN) Price Prediction 2021

ZEN holds the 101st position on CoinGecko right now. ZEN price prediction 2021 explained below with a daily time frame.

ZEN/USDT Price Chart Daily Time Frame (Source: TradingView)

The above chart shows the Descending Triangle patterns. This pattern is an inverted version of the ascending triangle and is considered a breakout pattern. The bottom trendline should be horizontal and connect almost the same lows. The upward trendline decreases diagonally upward. The breakdown occurs when the price falls, and when the downtrend continues, it is supported by a lower horizontal trendline. The lower trendline that was once supported now becomes resistance.

In the daily time frame chart,  if the price of the ZEN breaks the resistance level of $70, it will reach the target of $128 and $181. Or else, the price of the ZEN breakout will fall to the support level at $38.90. So, the trend of the ZEN is based on the breakout.

ZEN Support and Resistance Level

The below chart shows the support and resistance level of ZEN.

ZEN/USDT Support and Resistance Level (Source: TradingView)

From the above daily time frames, it is clear the following are the resistance and support level of ZEN.

  • Resistance Level 1 – $60
  • Resistance Level 2 – $89.30
  • Resistance Level 3 – $112.50
  • Resistance Level 4 – $161.80
  • Support Level 1 – $38.80
  • Support Level 2 – $27.90
  • Support Level 3 – $17.40

The charts show that ZEN has performed a bullish trend over the past month. If this trend continues, ZEN might run along with the bulls overtaking its resistance level at $161.80.

Conversely, if the investors turn against the crypto, the price of ZEN might plummet to almost $27.90, a bearish signal.

ZEN Average Directional Index (ADX)

Now let’s look at the average directional index (ADX) of ZEN. It is used to measure the overall strength of the trend and it is related to the Directional Movement Index (DMI).

The oscillator ranges from 0 to 100. Moreover, a high price indicates a strong trend, and a low price shows a weak trend. It is often combined with directional indicators. 

ZEN/USDT ADX(Source: TradingView)

The above chart shows the ADX of ZEN stays above the range of 35, so it indicates a strong trend.

Conclusion

ZEN is one of the cryptocurrencies that keeps its ground against the bear market. Furthermore, our long-term ZEN price prediction for 2021 is bullish. It has a huge possibility of overtaking its current all-time-high (ATH) of $165.92 this year. However, this only happens when ZEN breaks a lot of past psychological resistance.

Furthermore, with the ongoing developments and upgrades within the ZEN ecosystem, it could experience a great future ahead in 2021. It may reach $161.80 soon and it might even reach high heights, however reaching $165, if investors have planned that ZEN is a good investment in 2021.

Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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