Horizen’s native cryptocurrency, ZEN, retests the $10 mark, with analysts exploring whether this could trigger a significant turnaround and drive the token’s value higher.
Points
- ZEN retests the $10 mark, showing signs of potential recovery.
- The short-term trend remains bullish, supported by technical indicators.
- Analysts predict a bullish leg up if ZEN crosses the $12 mark.
- The token’s future performance depends on market dynamics and investor sentiment.
ZEN, the native cryptocurrency of Horizen, has recently retested the critical $10 mark, sparking discussions among analysts about the potential for a significant turnaround. After trading under bullish influence since June 2024, ZEN has recorded a range breakout, suggesting strong buying pressure and positive market sentiment.
The short-term trend for ZEN remains bullish, with the token currently trading at $10.15, reflecting an intraday gain of 6% and a weekly gain of 10%. Technical indicators, such as the 200-day Exponential Moving Average （EMA）, provide additional support, with ZEN retesting the key support zone and showing signs of a potential bullish rebound.
“ZEN has retested the key 200-day EMA support zone, displaying signs of a bullish rebound on the chart,” noted an analyst.
If ZEN manages to surpass the $12 mark, analysts predict that the token could embark on a new bullish leg up, potentially reaching $13 and beyond. However, if ZEN fails to hold above the $10 mark, the bullish view would be invalidated, and the token could face further downward pressure.
Traditional indicators like the Relative Strength Index （RSI） and the Moving Average Convergence Divergence （MACD） also support the bullish outlook. The RSI curve hovers around the midline region, showing a neutral projection, while the MACD indicator has started plotting green bars, indicating a bullish crossover.
“The RSI curve hovers around the midline region with a reading of 48, showing neutral projections. However, the MACD indicator
has started plotting green bars, indicating a bullish crossover,” stated an analyst.
In addition to technical indicators, on-chain metrics provide further insights into ZEN’s potential for a turnaround. The weighted sentiment data has crossed the zero line, reflecting a slight bullish stance at 0.003137. This positive sentiment, combined with the current price volatility of 0.018, suggests a decline in speculative trading and a more stable market environment for ZEN.
“The weighted sentiment data shows a slight bullish stance, crossing the zero line at 0.003137,” noted market analysts.
The total liquidation data from CoinGlass reveals that the token’s short liquidations are currently at $43k, while long liquidations are at $70k. This balance between short and long liquidations indicates an ongoing tussle between bulls and bears, with neither side gaining a definitive upper hand.
Looking forward, ZEN’s performance will largely depend on broader market dynamics and investor sentiment. If the token gains momentum and exceeds the $13 mark, analysts expect a sharp rally toward $15. Conversely, bearish market conditions could drag ZEN’s price down to $9.20 or even $8.50.
解説
- ZEN’s retest of the $10 mark signifies a critical juncture that could trigger a bullish turnaround if the token maintains upward momentum.
- Technical indicators like the EMA, RSI, and MACD support a bullish outlook, suggesting potential gains if key resistance levels are breached.
- On-chain metrics, including weighted sentiment and price volatility, indicate a stabilizing market environment that could favor ZEN’s recovery.
- The balance between short and long liquidations reflects ongoing market dynamics, with investors closely watching for signs of a decisive trend.
- ZEN’s future performance will be influenced by market conditions and investor sentiment, with key price levels serving as indicators of potential bullish or bearish trends.