Horizen (ZEN) Technical Analysis 2021 for Crypto Traders

Horizen (ZEN) Technical Analysis 2021 for Crypto Traders

In Horizen (ZEN) Technical Analysis 2021, we use past statistics, price analysis, RSI, RVOL, and much other information about ZEN to analyze the future movement of the 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.  

Horizen (ZEN) Current Market Status

According to CoinMarketCap, the ZEN price is trading at $59.28 with a 24-hour trading volume of $30,083,216, at the time of writing. Moreover, ZEN has decreased by 2.85% in the last 24 hours.

Additionally, ZEN has a circulating supply of 11,282,843.75 ZEN. Currently, ZEN trades in Coinbase, Binance, OKEx, ZBG, CoinTiger, and Huobi Global.

Horizen (ZEN) Technical Analysis 2021

Horizen (ZEN) holds the 90th position on CoinMarketCap right now. The recent development and upgrades might push ZEN to reach new heights. Now, let’s deep dive into the ZEN technical analysis 2021. The daily time frame chart of Horizen (ZEN) is shown below.

ZEN/USDT Chart Showing Triangle Pattern (Source: Tradingview)

The above chart shows the Triangle pattern. Accordingly, a triangle pattern is composed of a downward diagonal upward trend line and an upward diagonal downward trend line. When the price rises, it will inevitably break through the upper trend line to break, and in an uptrend, the price will rise or break. A lower trend line forms a breakthrough and a downward trend in which prices fall.

In the daily time frame chart, the ZEN can reach $179 if the bull trend continues. Otherwise, if the price of the ZEN breaks the support level of $50.

Horizen (ZEN) RSI

The below chart shows the relative strength index (RSI) of ZEN.

ZEN RSI (Source: TradingView)

As shown in the above chart, RSI remains at 41. This shows that ZEN’s price is in a nearly oversold state. More so, this means a major price reversal may occur in the next few days. So, traders need to trade carefully.

Horizen (ZEN) RVOL

Accordingly, the below chart shows the Relative Volume of ZEN. RVOL is an indicator that represents to traders how the current trading volume has changed over a while compared to the past trading volume.

ZEN RVOL(Source: TradingView)

Notably, in the last week of June, it was found that the RVOL of ZEN was observed weaker. Currently, the RVOL of ZEN remains below the cutoff line which represents the weaker participants in the current trend.

Horizen (ZEN) Moving Average

ZEN’s Moving Average (MA) is shown in the below chart. Moving Average is a part of technical analysis that supports traders to find trends.

ZEN MA (Source: TradingView)

In the 50 MA (Short-term), the price of the ZEN is in a bullish state, and it has not broken the 200 MA. However, it will remain in a bullish state. Currently, the price of the ZEN is trading above the 200 MA level so we can expect more bullish in the upcoming day.

Horizen (ZEN) Price Comparison with Bitcoin

The below chart shows the price comparison between ZEN and BTC.

ZEN vs BTC Price Comparison chart (Source: TradingView)

From the chart, we can find the trend of the BTC and ZEN is moving at the same level as the trend. This shows when the price of BTC increases or decreases, the price of ZEN also increases or decreases respectively.

Conclusion

With the ongoing development and upgrades that are taking place within the ZEN platform. Horizen has a great future ahead in this crypto platform. Moreover, ZEN can reach new heights.

Bullish ZEN price prediction 2021 is $179. As mentioned above, it may reach great heights, even more reaching $180, if investors have decided that ZEN is a good investment in 2021

FAQ

What is ZEN?

Horizen (ZEN) is an interoperable blockchain system, it was supported by decentralized node infrastructure.

Where can you purchase ZEN?

ZEN is listed on many cryptocurrency exchanges that include Coinbase, Binance, OKEx, ZBG, CoinTiger, and Huobi Global.

Will ZEN reach a new ATH soon?

With the ongoing developments and upgrades inside the ZEN platform, it has a high possibility of reaching its ATH soon.

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

A dedicated writer who shows her interest in writing all sorts of content about the cryptocurrency market in NewsCrypto. She is an enthusiastic reader and writer with passion for sharing crypto news and trends.