Horizen Price Braces For a Breakout Ahead of Zendoo Mainnet Launch

Summary:
• What is the outlook of the Horizen price ahead of the Zendoo mainnet launch? We explain the next key levels to watch in the near term.

The Horizen price is doing relatively well on Wednesday. The ZEN token is trading at $116, which is about 95% above the lowest level in September. The coin is also hovering near its highest level since September this year. Its total market value has risen to more than $1.3 billion, according to data by CoinGecko.

Horizen is an interoperable blockchain ecosystem that is supported by some of the biggest platforms in the industry. The ecosystem is made of Zendoo, which is a decentralized sidechain protocol. It also has Sphere, its multifunctional wallet app and HDE. 

The Horizen price is rallying as investors start the countdown to the launch of Zendoo’s mainnet that will happen on Monday next week. The mainnet will help developers build decentralized apps and other real-world solutions using the blockchain technology. 

Horizen price prediction

The daily chart shows that the ZEN price has been in a bullish trend in the past few months. The price is currently above the ascending trendline that connects the lowest levels since July. It is also a few points below the resistance level at $121, which was the highest level since September. The price is also moving above the 25-day and 50-day moving average. 

Therefore, there is a likelihood that the bullish trend will continue in the coming days. This breakout will be confirmed if the price manages to move above $121. If it happens, the coin will likely soar to the all-time high at $175, which is about 50% above this level. This view will be invalidated if it moves below the ascending trendline.