Date: Fri, Dec 20, 2024, 04:42 PM GMT
Amid a broader cryptocurrency market sell-off, where Bitcoin (BTC) has tumbled to a low of $92,000 and currently trades at $96,000 after peaking at $108,000, Horizen (ZEN) has defied the bearish trend. The privacy-focused token has surged by over 50% in the last 24 hours, currently trading at $24.29 with a market capitalization of over $382 million.
Source: Coinmarketcap
Grayscale Launches Horizen (ZEN) Trust
The recent bullish momentum in ZEN stems from a major announcement on December 17, when Grayscale, the leading crypto asset manager, launched the Horizen Trust. This new product allows qualified investors to gain exposure to the ZEN token through securities, boosting confidence and adoption for the asset.
Source: @Grayscale (X)
What’s Ahead?
Since the Grayscale trust launch, ZEN has been riding a bullish wave, surging by nearly 70% from a low of $15 to its todays high of of $27.40. Following today’s impressive 50% rally, ZEN has successfully broken out of a key resistance zone at $22.32 and is now trading above it at $24.27.
From here, ZEN might retest this breakout level for confirmation. If the support holds, we could see ZEN reversing toward its next major resistance at $53.65—a potential upside of 125% from the current price.
Conclusion
Horizen (ZEN) has demonstrated remarkable strength in a volatile market, fueled by the launch of Grayscale's Horizen Trust. The breakout from the $22.32 resistance zone and the current bullish momentum suggest the potential for further upside. If ZEN maintains its support levels and Bitcoin (BTC) stabilizes, the token could target its next major resistance at $53.65, offering significant gains.
However, traders should remain cautious, as the market's overall volatility could still impact price movements. Keeping an eye on key levels and broader market trends will be crucial for navigating the opportunities and risks ahead.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
