ZEN price remained in focus on Friday, May 8, as Horizen moved near a key resistance area following its recent rally. Traders monitor the current structure closely as buyers try to defend the pullback zone and prepare for another move toward upside liquidity.
ZEN price stayed positive as the token trades at $7.03 after a 0.62% gain in 24 hours. CoinMarketCap data shows trading volume is currently at $21.7 million, down 33.75%. The token also gained 19.55% over the last seven days.
Also Read: XRP Price Consolidation Phase Signals Next Rally Toward $1.78 Target
Analyst Flags ZEN Breakout Setup
Analyst Crypto Patel highlighted that ZEN is setting up for a larger move. He stated that the token has created a bullish structure after the displacement. He also noted that internal liquidity was swept before the current pullback.
According to the analyst, ZEN is now retracing into an IFVG zone. If buyers return, they may be able to get continuation in this area. He said the zone is a high-probability demand area.
The analyst mentioned various components of the setup. These were strong displacement, bull market conditions, and an internal liquidity sweep. He also noted that the order flow is bullish, with good upside liquidity as well.
Analysts set upside targets at $7.80 and $8.18. The invalidation level is a daily close below $5.73. Patel said the bias remains bullish while waiting for confirmation before entry.
ZEN Price Holds Above Key EMAs
ZEN price also depends on the daily moving average structure. The chart shows the 20-day EMA at $6.517. The 50-day EMA stood at $6.201. The price was still higher than both short-term averages.
The chart also shows the 100-day EMA at $6.552. The 200-day EMA stood at $7.506. This longer average remains above the current price. It could serve as the next significant resistance level.
If the price breaks above the 200-day EMA, it may further consolidate the market structure. It would also place ZEN closer to the $7.80 target. The inability to recover that level could prevent the price from moving beyond the smaller range.
The Moving Average Convergence Divergence (MACD) data shows positive momentum. The MACD line is at 0.368. The signal line stands at 0.264. The histogram is also bullish at 0.104, indicating that the bullish momentum is still with the buyers on the daily chart.
ZEN Futures Volume Drops as Open Interest Rises
According to CoinGlass data, ZEN’s future trading volume decreased 37.14% to $45.92 million. Open interest increased 0.84% to $36.53 million, showing a slight rise in active positions. The OI-weighted funding rate stood at 0.0066%.
The ZEN price outlook remains tied to confirmation near the retracement zone. To maintain momentum, the buyer will have to defend the setup. A daily close below $5.73 would weaken the current bullish view.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Aptos Price Forecast: Could APT Surge to $1.14 in the Coming Sessions?
