What to know:
- Horizen (ZEN) dropped over 4% after failing its bullish breakout, with bearish indicators showing weakening momentum.
- Analysts note a bullish flag pattern on the daily chart, suggesting a breakout if ZEN clears key resistance levels.
- Price targets include $8.40, $10.70, $14.00, and $19.00 if bullish momentum returns to Horizen.
Horizen (ZEN) faced strong selling pressure after failing to sustain its bullish breakout structure, with momentum indicators turning bearish and signaling weakening strength for the ZEN price. Derivative activity also softened as both open interest and trading volume declined, reflecting cautious sentiment and reduced participation from traders. According to CoinMarketCap, ZEN is trading at $5.92 with a daily decline of 4.15%.
Source: CoinMarketCap
ZEN Derivative Data Point to Descreasing Strength
According to Coinglass, the ZEN open interest declined by 8.35%, reaching $27.89 million. This decrease suggests that traders are closing existing positions rather than creating new ones, indicating reduced market participation, cautious sentiment, or short-term uncertainty among investors.
Source: Coinglass
Trading volume also dropped by 19.97%, bringing the total volume to $29.59 million. The decline in trading activity reflects weaker momentum and lower investor engagement, which may signal a temporary slowdown in market confidence and reduced buying or selling pressure.
Also Read: Horizen (ZEN) Holds Key Support: Is a Breakout Toward $10-$14 on the Horizon?
ZEN Price Eyes Breakout Amid Bullish Flag Pattern
Furthermore, the crypto analyst Jonathan Carter revealed that the ZEN price is forming the outline of an impressive turnaround, forming a traditional flag on the daily timeframe.
Following an explosive move, it took a moment to consolidate before making another push higher. This move is seen by some analysts as a much-needed breather. A move above the flag may lead to a continued upsurge.
Source: Jonathan Carter’s X Post
If the bulls are successful in propelling the ZEN price above the upper trend line, the coin may be ready to embark on a new cycle of growth with strong upside.
Several important levels have been identified by technical analysts, including $8.40, $10.70, $14.00, and possibly even $19.00. A positive sentiment wave spreading throughout the entire crypto space is boosting the chances of success.
Technical Indicators Point to Decreasing Strength
According to TradingView, the ZEN price has made a strong bearish rejection after failing to break above the 200-day EMA at $7.44.
A drop of 4.63% has pushed the ZEN price to $5.91, crossing below the 20-day EMA and the 100-day EMA. The strong decline will make the bears regain control of the market for the short term.
Source: TradingView
The last candlestick confirms this momentum reversal because the 14-day RSI has fallen sharply to 39.68. Crossing decisively below the yellow moving average and also below the neutral level at 50, the indicator reveals increasing selling pressure.
If this bearish trend persists, the ZEN price is expected to revisit the previous support levels between $5.50 and $5.20.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: ZEN Price Outlook: Can Bulls Push Horizen Toward $8.18?
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