Horizen ZEN Breakout Analysis – ZEN Pumps +102% in a Week with Strong Bullish Trend

By Malik Junaid January 12, 2021 In Crypto News, Market Analysis, Trading

Horizen ZEN is flipping on a 1-day candle chart, ZEN has grown by a massive +102% in the past week. Let’s take a quick look at ZEN, price analysis, and possible reasons for the recent breakout.

What is Horizen?

Horizen is an inclusive ecosystem where everyone is empowered and rewarded for their contributions. Horizen’s massively scalable platform enables businesses and developers to quickly and affordably create their own public or private blockchains on the largest node network in the industry. Horizen’s Sidechain SDK provides all necessary components for easy and fast deployment of a fully customizable blockchain.

Horizen Quick Stats

Global rank:76
Market cap:$346,159,214 AUD
Current price:$32.10 AUD
All time high price:$91.50 AUD
1 day:+45.4%
7 day:+102.55%
1 year:+182.68%

Horizen Price Analysis

At the time of writing, ZEN is ranked 76th cryptocurrency globally and the current price is $32.10 AUD. This is a +102% increase since 5th January 2021 (7 days ago) as shown in the chart below.

Source: TradingView

In the past week, there was a strong rise in Bitcoin, Ethereum, and other Altcoins. As a result, Horizen ZEN also formed strong support near $16.38 AUD price levels before starting a fresh increase against the BTC pair. The down trendline that started on 25th November. is being obliterated today, huge strength and volume which both signals the reversal of a trend. Additional growth can follow for this Altcoin on different trading pairs.


Here we also have the “W” pattern with a higher low just as looking at it before starting a strong increase, there was a break above a crucial contracting triangle with resistance near $20.65 AUD on the daily chart of the ZEN/BTC. The pair gained pace above the $23.40 AUD and $24.70 AUD resistance levels.

“W pattern is a price pattern, also called Double Bottom. This pattern, when drawn it looks like the W and this is why it is called as W pattern. Sometimes patterns look like W but it is not the exact W pattern and these patterns are called Semi-W patterns.”

Source: TradingView

What do the technical indicators say?

The Horizen ZEN TradingView indicators (on the 1 day) mainly indicate ZEN as a buy, except the Oscillators which indicate ZEN as a sell.

So Why did ZEN Breakout?

The recent rise in Bitcoin over +300% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason for this sudden pump in price could be the whales secretly buying ZEN for the next Altcoins rally & it could also be contributed to some of the recent news Partnership with Messari.

Recent Horizen News & Events:

Where to Buy or Trade Horizen?

ZEN has the highest liquidity on Binance Exchange so that would help for trading ZEN/USDT or ZEN/BTC pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.

Malik Junaid

Malik Junaid

Malik is a skilled writer with a background in Software Engineering. His interests are blockchain, cryptocurrency trading and market analysis.

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