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Horizen (ZEN) gains 12% to break above $7

  • Horizen price is up 12% in 24 hours as bulls break above $7 again.
  • ZEN’s price surge today reflects its strategic advancements and growing relevance in privacy-focused DeFi.
  • While the outlook is cautiously optimistic, investors should remain vigilant of market volatility and regulatory developments.

Horizen (ZEN) has seen a notable price increase today, with double-digit gains allowing buyers to bounce to a key level.

Attention from investors continues to drive a bullish outlook amid a surge that comes as privacy-focused decentralized finance solutions gain traction.

Why is Horizen’s price up today?

Horizen’s ZEN token traded near $7.08 at the time of writing, up about 12% over the past 24 hours amid gains for Zcash and other altcoins.

Gains mirror the broader crypto market uptick on Monday after Bitcoin bounced off lows below $110k seen last week.

As risk assets ticked higher, BTC’s move to above $112k allowed coins such as Horizen to rebound. ZEN mirrored gains for Zcash price.

For ZEN, privacy coins’ resurgence and network developments are key catalysts.

The recent launch of ZENDEX, a privacy-first decentralized exchange (DEX) built on Horizen’s blockchain, has bolstered investor confidence, contributing to the latest price increase.

ZENDEX which introduces new use cases for Horizen’s privacy technology, has positioned Horizen as a competitive player in the DeFi space.

Positive community sentiment following Horizen’s migration to Base also persists, with ZEC’s rally likely to mark a similar trajectory for ZEN.

What next for Horizen’s price?

Analysts are optimistic about ZEN’s potential, driven by its unique protocol architecture.

By enabling privacy and blockchain interoperability access to users, the platform has attracted notable interest.

Network metrics such as active addresses and user count have swelled as has price amid hype around Horizen 2.0.

ZENDEX gives Horizen an industry-leading advantage in the blockchain space.

“ZENDEX will leverage Horizen (ZEN) technology to deliver performance and privacy levels that position it as a top DEX tech product available today,” the platform posted on X.

Key aspects include Cross-Chain Transfer Protocol for private and trustless asset transfers and zero-knowledge-secured bridges to Ethereum and Polygon for deep liquidity access.

High throughput with sub-second finality puts ZENDEX at DeFi’s forefront, boosting Horizen and ZEN.

While broader market dynamics and regulatory scrutiny in the privacy coin sector remain a challenge, the prevailing outlook for ZEN is bullish.

Technical indicators, such as the MACD show a positive momentum amid a potential bullish crossover.

The daily RSI is also upslopping as it recovers from the oversold territory to suggest directional bias for bulls.

With Thrive Horizen-funded projects on the roll, adoption may aid ZEN price.

 

The post Horizen (ZEN) gains 12% to break above $7 appeared first on CoinJournal.

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Ethereum price prediction: ETH eyes $4,400 amid market recovery

Key takeaways

  • ETH is trading above $4,100 after adding 2% to its value.
  • The second-largest crypto by market cap could rally towards the $4,400 resistance level soon.

Ether recovers above $4k

The cryptocurrency market is having a positive start to the week following a bearish weekend. Bitcoin, the leading crypto by market cap, is heading towards the $112k mark, while Ether has reclaimed the $4k psychological level.

Ether added nearly 2.5% to its value in the last 24 hours, with the $3,800 support level holding despite the PCE data release. The positive performance over the last 24 hours resulted in over $75 million worth of short positions being liquidated in the market within 60 minutes. 

Traders are now looking out for signs of a breakout to ensure that the market recovery is back and in full swing. Ether is down by 17% from the all-time high of $4,953 it set a month ago. 

Ethereum could extend its recovery as bullish momentum returns

The ETH/USD 4-hour chart is bearish and efficient despite the coin performing well over the last 24 hours. However, the coin could soon flip bullish as the bearish momentum slowly fades.

ETH failed to find support around the daily level at $4,232 on Tuesday, losing 7.36% of its value afterwards, and dropping to the $3,800 support level on Thursday. ETH also retested the support around the 100-day EMA at $3,863 on Friday before recovering on Sunday. 

ETH/USD 4H Chart

At press time, ETH is now trading at $4,100 per coin. With the RS at 54, it indicates that the bullish momentum is returning. The MACD lines are also within the positive territory. If ETH continues its recovery and surges past the $4,232 resistance level, it could extend its rally towards the major daily resistance and TLQ level at $4,488.

However, if the bulls fail to gain momentum, the market could resume its downward trend, and ETH could retest the 100-day EMA at $3,863.

The post Ethereum price prediction: ETH eyes $4,400 amid market recovery appeared first on CoinJournal.