The Horizen price has lost momentum in the past few days. The ZEN token is trading at $102.36, which is about 25% below its highest level in November. This drop brings its total market capitalization to more than $1.2 billion, making it the 112th biggest cryptocurrency in the world.
Horizen is one of the fastest-growing zero-knowledge networks of blockchains. It prides itself of being easy to use, safe, and having a relatively high transaction performance. On its website, it says that it can process as much as 10 million transactions per second (tps).
This makes it one of the fastest platforms in the market. For example, Ethereum, the most popular platform, can only handle less than 20 transactions per second. Some of the platforms using Horizen are IOTA, Dash, and Celsius.
The Horizen price did well in November as demand for Ethereum-killers and zk platforms like Loopring rose. It also rose because of the Zendoo mainnet launch. Analysts believe that these platforms will do well in a metaverse era because of their high speed. So, will this bullish trend resume in December?
Turning to the daily chart, we see that the ZEN price has been in a bearish trend in the past few days. Precisely, the price has dropped from the November high of $140 to the current $100. The coin has managed to move below the 25-day and 50-day exponential moving averages. At the same time, the coin’s price has managed to move below the key support level at $113, which was the highest point on November 11th.
Therefore, there is a likelihood that the price will maintain a bearish trend as bears target the ascending trendline at about $90. Later in December, I see a situation where the Horizen price will rebound.
This post was last modified on Dec 02, 2021, 04:41 GMT 04:41