This article will analyze the ZEN coin according to www.coinmarketcap.com data. First, we will discuss the ZEN coin and its projects and make technical and graphic analyses. The analysis we will do in the weekly period will help the investors to take risks and manage their portfolios.
What is ZEN Coin?
ZEN is the native cryptocurrency of the Horizen blockchain platform. Horizen (formerly known as ZenCash) is a privacy-focused blockchain that aims to provide secure and decentralized communications, transactions, and storage.
The ZEN coin serves as the primary means of value transfer on the Horizen network, enabling users to send and receive payments, participate in the network’s governance, and access various services and features the platform offers.
What are the projects of ZEN?
Some of the notable projects associated with the ZEN coin include:
Horizen Sidechain Platform: It enables developers to build their sidechains, allowing for the development of scalable and customizable decentralized applications.
ZenChat is a secure messaging and communications platform that uses end-to-end encryption to protect user privacy.
ZenDoo: A sidechain-based scaling solution designed to enhance the throughput and scalability of the Horizen ecosystem.
Sphere by Horizen: A user-friendly interface and wallet that provides access to various features and services of the Horizen platform.
Factors Influencing ZEN Price
When it comes to factors that can influence the price of ZEN or any other cryptocurrency, there are several key considerations:
Market Demand: The demand for ZEN among buyers and investors can impact its price. Factors such as increased adoption, partnerships, or positive news about the project can drive demand and potentially lead to price appreciation.
Overall Market Conditions: Cryptocurrency markets are interconnected, and fluctuations in the broader market can influence the price of ZEN. Factors like market sentiment, regulatory developments, or macroeconomic trends can affect the prices of cryptocurrencies across the board.
Development and Updates: Progress in the development of the Horizen platform, new features, and upgrades can positively impact the perception of the project and attract investor interest, potentially affecting the price.
Competition: The presence of other privacy-focused cryptocurrencies or blockchain platforms may impact the demand for ZEN. Competition can influence market sentiment and investors’ choices, which may reflect price movements.
Investor Sentiment and Speculation: Cryptocurrency markets can be influenced by investor sentiment, market speculation, and trading volume. Positive or negative news, market hype, or social media discussions can create short-term price volatility.
It’s important to note that cryptocurrency investments carry inherent risks, and the prices can be highly volatile. If you are considering investing in cryptocurrencies like ZEN, conducting thorough research is recommended to assess your risk tolerance and seek advice from financial professionals.
ZEN COİN TECHNICAL ANALYSIS
After seeing its historical high of $ 169.23 in April 2021, ZEN dropped 95% by the end of 2022, down to $ 8.23. Although it goes up to $ 15.50 with the purchases in the market in 2023, it is currently trading at $ 8.07. According to www.coinmarketcap.com data, ZEN, which has a size of $110,304,160, has had a volume of $6,325,433 in the last twenty-four hours.
ZEN Chart Analysis
ZEN, which lost 95% of its value from April 2021 to the end of 2022, fell from $ 169.23 to $ 8.23. ZEN, which went up to $ 15.50 with the purchases in the market at the beginning of 2023, has dropped to $ 8.07 with the pressure of selling again. If ZEN, which falls below the price at the beginning of 2023, closes the week below $ 8.23, the selling pressure will likely increase, and there will be a rapid pullback to $5.10. In this sense, this week’s closing is significant. If it closes above 8.23 again, we can see an increase to $12.31.
This article does not certain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their research when deciding. This article does not include investment advice or suggestions. Every investment and trading move involves risk, and readers should perform their analysis when determining.