Horizen prices dip: Yet ZEN holds above key EMAs – How?

Key Takeaways

How well did ZEN’s price do?

ZEN’s price structure still leans bullish, and whales are accumulating more orders despite the 36% dip over the last 24 hours.

Is the altcoin’s rally likely to last?

Buyers seem to be dominating both the Spot and Futures markets, hinting at a potential continuation of the bullish rally.

Horizen [ZEN] prices have dropped significantly after the crypto market crash.

While the broader market has experienced sharp corrections recently, the token’s decline hasn’t disrupted its overall market structure; it remains above both the 30-day and 50-day EMAs.

Although the sudden drop following a period of steady gains may have dampened short-term optimism, ZEN’s on-chain data shows increased whale activity and stronger buyer dominance in the Spot market.

A sign of growing confidence

Large-scale holders, most of whom are “whales,” appear to be accumulating ZEN aggressively at its press time trading levels. According to CryptoQuant, ZEN has seen intentional, consistent accumulation since the latest dip back in March.

In fact, historical patterns seemed to indicate that similar accumulation phases have often preceded significant price extensions. Especially as whales tend to enter the market early during momentum shifts.

The recent wave of buying activity may be a sign that institutional or high-net-worth investors are positioning themselves for potential gains amid improving sentiment.

Source: CryptoQuant

At the time of writing, market data also underlined the noticeable presence of several liquidity clusters above the press time trading level.

The liquidity bias could ignite renewed confidence in Horizen’s long-term fundamentals. Particularly given its focus on blockchain scalability and privacy technology.

Source: CoinGlass

Market buyers dominate both Spot and Futures markets

In addition to whale accumulation, buyer dominance in the Spot market has been steadily increasing. 

Notably, Cumulative Volume Delta (CVD) data has shown a strong positive trend over the past 24 hours.

This rise in buyer activity indicates that more traders are opening long positions in both Spot and Futures markets, helping drive prices upward and reinforcing short-term bullish sentiment.

Source: CryptoQuant

A bullish picture on the charts despite yesterday’s dip

The recent market crash dealt a heavy blow to ZEN, with the token experiencing sharp volatility and long price wicks during yesterday’s trading session.

Despite the dip, ZEN’s overall market structure remains intact. As of writing, the altcoin was trading at $10.778, still holding above key EMA support levels.

However, analysts warn that short-term profit-taking could dampen bullish momentum. 

The continuation of the uptrend will largely depend on whether whales keep accumulating and Spot buyers continue to outpace selling pressure.

Source: TradingView