ZEN Technical Analysis: Price Is Above the First Fibonacci Pivot Resistance Level of $127.94


Horizen is a blockchain network with a robust decentralized node infrastructure. It is a PoW/PoS-based open-source protocol with end-to-end encryption and protection against 51% of attacks. It is designed in such a way that it can be customized for solving specific real-life problems. ZEN is the prime governance token of this network.

Past Performance

On April 14, 2021, ZEN started trading at $85.24. As of April 20, 2021, ZEN closed at $117.75. Thus, in the past week, the ZEN price has risen by roughly 38%. In the last 24 hours, ZEN was trading between $117.82-$132.

ZEN Price Analysis

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Day-Ahead and Tomorrow

Currently, ZEN is trading at $130.07. The price has increased from the opening price of $117.82. Thus, the market looks bullish.

The MACD and signal lines are positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is positive. Hence, we can expect the price to rise further.

The OBV indicator is upward sloping. This implies that buying volumes are higher than selling volumes. High buying activity will exert upward pressure on the ZEN price. Thus, like the MACD indicator, the OBV indicator is pointing towards a price rise.

The RSI indicator faced rejection at 51% and is currently at 55%. Thus, buying pressures are mounting. Hence, like the other two oscillators, the RSI indicator is also implying that the price is likely to go up further.

ZEN Technical Analysis

As per technical analysis, currently, the ZEN price is above the first Fibonacci pivot resistance level of $127.94. As the bullish forces seem strong, we can expect the price to break out of the subsequent resistance levels of $131.29 and $136.70 respectively, in some time.

The price has tested and broken out of the 38.2% FIB retracement level of $126.58. It is soon likely to test and break out of the 23.6% FIB retracement level of $128.65. Thus, the market is strongly bullish, and we can expect the price uptrend to continue today and tomorrow.

 
 



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