The price of Horizen’s ZEN token shows a positive near-term outlook as buyers defend a key technical pullback zone. Analyst Crypto Patel highlighted a bullish setup with upside targets at $7.80 and $8.18, contingent on the price holding above $5.73. Key indicators, including a positive MACD and rising open interest despite lower futures volume, suggest ongoing market interest.
The price of Horizen (ZEN) remained a focus on May 8 as it traded near a key resistance area following a recent rally. Buyers are defending the pullback zone and watching for another move toward upside liquidity.
ZEN price was positive, trading at $7.03 with a 24-hour gain of 0.62%. CoinMarketCap data shows a 24-hour trading volume of $21.7 million, though this represents a 33.75% decline. The token gained 19.55% over the previous seven days.
Analyst Crypto Patel highlighted that ZEN is setting up for a larger move after creating a bullish structure. He stated that the token has created a bullish structure after the displacement.
Patel noted the setup includes strong displacement, bull market conditions, and an internal liquidity sweep. Analysts have set upside targets at $7.80 and $8.18, with an invalidation level at a daily close below $5.73.
On the daily chart, ZEN price holds above key moving averages, including the 20-day EMA at $6.517 and the 50-day EMA at $6.201. The 200-day EMA at $7.506 represents a significant longer-term resistance level.
The Moving Average Convergence Divergence (MACD) indicator shows positive momentum on the daily chart. The MACD line is at 0.368, above its signal line at 0.264, with a bullish histogram at 0.104.
Futures market data from CoinGlass shows ZEN’s futures trading volume decreased 37.14% to $45.92 million. However, open interest increased 0.84% to $36.53 million, indicating a slight rise in active positions.
