Horizen Crypto: ZEN Crypto Price In Consolidation: Next Move?

Horizen platform is a network of blockchain-based applications that focuses on privacy and scalability. It uses ZEN, a cryptocurrency that is the native token of the platform that can be mined and spent on the platform. ZEN is established on a Proof of Work (PoW) mechanism identical to Bitcoin, but it distributes the block rewards differently.

The platform permits users to produce and use various sidechains that offer enhanced privacy features. Some of the applications on the platform are ZENChat, a secure messaging service, and ZEN Hide, which helps users avoid traffic analysis. The platform aims to provide a diverse and rewarding ecosystem where users can enjoy greater privacy and freedom.

ZEN is the main token of the Horizen platform, which has many uses. It can be spent as a private or public currency, used to vote on the network’s decisions, or staked in the Secure and Super Node systems. These nodes are rewarded with ZEN for keeping the network running and offering services such as data encryption.

Horizen, formerly known as ZenCash, was launched in 2017 by Robert Viglione and Rolf Versluis. They both have a military and engineering background, with Viglione serving in the U.S. Army and studying physics, and Versluis working as an executive and engineer after being in the U.S. Navy.

Horizen Crypto Price Analysis 

At the time of publishing, Horizen crypto (USD: ZEN) is trading above the 50 and 200-day EMAs (exponential moving averages), which supports the price trend. 

However, if more selling volume adds up then the price might conquer supporting SMAs by making lower highs and lows. Hence, the ZEN price is expected to move downwards, giving bearish views over the daily time frame chart.

Technical indicators point to the downward momentum of the ZEN crypto price. The relative strength index (RSI) showcases the downtrend of the Horizen crypto. The  RSI was at 45.57 and is heading towards the oversold territory.

The MACD also points to the downtrend of the ZEN crypto price. The MACD line is below the signal line after a negative crossover. Investors in ZEN crypto need to wait for any directional change over the daily time frame chart.

Summary

The daily time frame chart of the Horizen cryptocurrency shows a downward trend. Moreover, in order for ZEN cryptocurrency to rebound and reach the upper levels, it must draw buyers. Technical indications point to the price of ZEN cryptocurrency being in a downturn. Investors in injective cryptocurrency must watch the daily time frame chart for any directional changes.

Technical Levels

Support Levels: $13.34.

Resistance Levels: $9.23.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions

Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.