Horizen ($ZEN ) has been on fire, surging over 442% in the past six months and capturing the attention of crypto traders worldwide. However, after hitting a recent high of $45.58, the price has pulled back to $35.91—a drop of 19.18% in the past 24 hours. So, is this a golden opportunity to buy, or is caution the better play?
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What the Chart Tells Us
ZEN’s meteoric rise was accompanied by a significant spike in trading volume, signaling intense market interest. While the price remains well above key moving averages, the sharp pullback suggests profit-taking by early investors.
Key levels to watch:
Support: $33.52 (24-hour low)
Resistance: $45.58 (recent high)
The market appears to be cooling off, but whether this is a pause before another rally or the start of a deeper correction remains unclear.
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To Buy or Not to Buy?
1. For Risk-Takers: If ZEN stabilizes near its current level or shows signs of renewed momentum, this could be a great entry point. Use tight stop-loss orders to protect against further downside.
2. For Cautious Investors: Waiting for the price to consolidate or retrace further might be the smarter move. Dollar-cost averaging (DCA) is another strategy to reduce risk.
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Final Thoughts
ZEN’s recent pullback could be an opportunity for savvy investors to enter the market, but the risk of further downside remains. Keep an eye on key support levels and broader market trends before making your move. Whether this is the start of a new rally or just a pause will soon become clear—are you ready to ride the wave?
