Horizen Market Overview: Volatility and Weakness in 24-Hour Candlestick Action

• Price declined to a 24-hour low of $7.302 before rebounding into a consolidation phase after sharp selloffs.
• A bearish divergence between price and RSI suggests potential for further downward momentum.
• Volume surged during the early hours, indicating heightened selling pressure.
• The 50-period moving average on the 15-minute chart acted as a dynamic resistance during the recovery phase.
• A key support level appears to be forming around $7.41–$7.43, where price bounced multiple times.

At 12:00 ET–1 on 2025-08-25, ZENUSDT opened at $7.832, reached a high of $7.891, a low of $7.302, and closed at $7.445 by 12:00 ET on 2025-08-26. Total volume traded over 24 hours was approximately 431,935.44 ZEN, with a notional turnover of $3,191,138.84 USD.

Structure & Formations

Horizen's price action revealed a pronounced bearish bias, with a sharp selloff reaching $7.302. This move was punctuated by a long bearish candle and a bearish engulfing pattern, signaling a strong shift in sentiment. Price later found a cluster of support between $7.41–$7.43, where it bounced multiple times. No strong bullish reversal patterns emerged, though a small hammer-like candle appeared near the session low, suggesting some cautious buying interest.

Moving Averages

On the 15-minute chart, the 20-period MA (at ~$7.50) and 50-period MA (~$7.45) acted as dynamic resistance during the recovery phase. Daily chart averages (50, 100, 200) are broadly aligned below $7.65, placing further bearish pressure on near-term price action.

MACD & RSI

The MACD showed a bearish crossover early in the session, with the line dipping below the signal line. It remained negative for most of the period, indicating ongoing selling pressure. The RSI entered oversold territory (~30) during the selloff and failed to close above 50, hinting at potential for more downside. A bearish divergence was observed as RSI failed to make a new low after the price hit $7.302.

Bollinger Bands

Volatility expanded dramatically during the selloff, with the bands widening to capture the $7.302 low. Price then consolidated within the bands, staying close to the lower band through much of the session. The narrowing of bands in the final hours suggests a potential period of consolidation ahead.

Volume & Turnover

Volume spiked significantly during the early hours, with the 20:15–20:30 ET (201500–203000) 15-minute candle showing 62,117 ZEN traded at $7.474. The large volume was not accompanied by a proportional price move, signaling a possible exhaustion in the selloff. However, the decline in turnover after 4:00 AM ET (040000) indicated reduced participation. A divergence between declining price and falling volume appeared in the final hours.

Fibonacci Retracements

Applying Fibonacci levels to the swing high ($7.891) and swing low ($7.302), key retracement levels include 38.2% at ~$7.57 and 61.8% at ~$7.595. Price appears to be testing the 38.2% level with a potential target toward the 50% retracement at ~$7.60 if buyers re-enter the market. A break below the 38.2% level could point to further testing of the 23.6% at $7.67.

Horizen appears to be facing near-term bearish pressure with support around $7.41–$7.43 showing signs of resilience. Traders may watch for a potential rebound or a break below this level for confirmation of further downside. As with all volatile assets, sudden price swings and liquidity shifts could disrupt expected patterns.