ZEN Technical Analysis: Price Has a Support Level of $89.26

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Horizen is a blockchain system that focuses on data privacy. It offers sidechain technology Zendoo that enables businesses and developers to build private or public blockchain. It provides various real-world use cases since 2017, it claims to be completely decentralized and cost-effective for the business. The following ZEN technical analysis will predict price trends for the next two days:

Past Performance

In the last seven days, ZEN has traded between $55.10 to $136.63. ZEN is currently down 41.22% from its all-time high of $168.15.

Day Ahead And Tomorrow

In the last 24 hours, ZEN has traded between $77.53 and $109.20, showing great volatility. The prices have gone up by 7% in the previous day giving us a bullish up stick from the support level.

escalating within the rising channel. However, when the market saw a heavy correction the price range broke the ascending channel forming a bearish trend. Due to this correction in the market, the price touched the low of $63.08 and formed a strong support zone.At the time of writing, ZEN was trading way under the resistance level of $110. It is facing some difficulty in surpassing this level and if it continues the same sideways direction. The selling pressure will increase, and the price will see a pullback.Relative Strength Index (RSI) has the potential to move towards the overbought zone, but we will see some consolidation as the selling pressure is high right now.MACD that follows the trend, shows the gap between the signal and the MACD line is decreasing. The signal line is around the equilibrium and is ready to cross the MACD line, as it approaches zero it enhances the growing bearishness of the trend.

ZEN Technical AnalysisAs per the daily chart, traders can take a short position from this level as the price has a support level of $89.26, which is the first target. If it breaks this level, then the next target can be $64.245, the price has strong support around that level.The stop loss can be kept on a higher side as the price has strong resistance at $110, followed by $117. According to the risk-reward ratio, traders can trade short positions between these levels.

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