Horizen (ZEN) surges 5.02% as bullish momentum continues

Horizen (ZEN) has demonstrated significant technical strength by successfully breaking out from an ascending triangle pattern on the 4-hour timeframe. This breakout was characterized by a notable increase in trading volume and the formation of bullish candles, which closed above the key resistance level of $8.00. The breakout was further validated by a retest of the horizontal support zone, where the price bounced back, confirming a change in polarity and indicating continued bullish momentum.

The ascending triangle pattern, which formed from late June to early July, is typically seen as a bullish indicator. This pattern is defined by higher lows converging into a horizontal resistance zone around $8.00. The breakout from this pattern was supported by a structured accumulation phase, marked by an internal ABCD pattern within the triangle. This accumulation phase added credibility to the bullish outlook, as it indicated a steady buildup of buying pressure.

Following the breakout, ZEN not only held above the $8.00 resistance level but also successfully retested it as support. This retest confirmed that the $8.00–$8.20 zone had flipped in polarity, turning from resistance to support. The price briefly dipped back into this zone before bouncing, suggesting that the area had become a reliable support level. Volume action further supported this development, with a notable decline in volume within the triangle followed by a surge during the breakout. This volume squeeze and release is often associated with reliable continuation setups.

Currently, the 9 EMA at $8.18 is acting as dynamic support, while the 50 SMA, positioned at $7.75, is trending upward. This technical setup suggests that the bullish momentum is likely to continue. Analysts have noted that a second pullback to the $8.00–$8.20 support zone could offer a high-probability entry point for traders. If ZEN revisits this zone and prints bullish signs such as a higher low or bullish candle formation, it could present a low-risk long setup.

Should the bullish momentum continue, the next resistance zones to monitor are $8.50–$8.70. Psychological levels at $9.00 and $9.50–$10.00 could follow if broader market conditions remain favorable. With the current price at $8.32, ZEN has gained 5.02% in the past 24 hours and 9.91% over the last 7 days, reflecting the strong bullish sentiment surrounding the asset.