Is Horizen (ZEN) buy opportunity after the recent sell-off?

By:
on May 17, 2022
  • Horizen focuses on data privacy
  • Horizen (ZEN) has collapsed from its recent highs
  • The current support level stands at $20

Horizen ZEN/USD has collapsed from $31.09 to $14.40 since the beginning of this month, and the current price stands at $21.

The risk of another decline still persists, and if you decide to buy this cryptocurrency in the upcoming days, you should use a “stop-loss” order because the risk remains high.

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Horizen focuses on data privacy

Horizen is one of the most secure blockchain ecosystems that strives to push technological boundaries and bring new products and services to those who need them most.

Horizen is powered by the most robust public infrastructure, and it is secured by an improved consensus with enhanced protection against 51% attacks.

The mission of this project is privacy freedom, and it provides all necessary components for deploying fully customizable blockchains focused on data privacy, flexibility, and scalability.

Transparency and fairness are Horizen’s core values, and it is important to say that users can choose complete privacy for things like payments, charitable donations, and sharing information. 

Horizen is designed for extensive commercial usage, and it also allows developers to build their blockchains at a low cost with the flexibility to issue an unlimited amount of tokens.

Horizen’s cross-chain protocol, Zendoo, is designed for developers and offers them to affordably and quickly create real-world blockchain applications. In this way, developers can solve today’s real-world problems with the flexibility to capture tomorrow’s opportunities.

Zendoo differs from many other sidechain solutions because this cross-chain protocol is completely decentralized without the need to rely on pre-defined trusted parties.

Many important projects already collaborate with Horizen, and the most popular ones include Gamestation, Iota, Dash, Celsius, Dragonchain, Apis, Dia, and Sikoba. The team of Iota reported:

IOTA and Horizen’s partnership will extend the functionality of the newly launched IOTA Oracles and introduce Oracle capabilities to Zendoo, Horizen’s sidechain, and scaling protocol.

ZEN token has achieved an impressive gain in March 2022, and it reached highs above $53 on March 31.  ZEN is currently down more than 50% from its highs registered in March, and the risk of further decline is still not over.

The uncertainty because of the Russian-Ukrainian war, high inflation, and the rising risks of the recession continue to keep investors in a negative mood.

Bears control the price

Horizen (ZEN) has collapsed from its recent highs, and if you decide to buy this cryptocurrency at the current price, you should use a “stop-loss” order because the risk remains high.

Data source: tradingview.com

The current support level stands at $20, and if the price falls below it again, the next price target could be around $18 or even below.

The first resistance level stands at $30, and if the price jumps above this level, it would be a “buy” signal, and we have the open way to the $35.

Summary

Horizen is one of the most secure interoperable blockchain ecosystems that focuses on data privacy and enables developers to custom build their own public or private blockchains using its unique sidechain technology, Zendoo. Horizen (ZEN) has collapsed from its recent highs, and the rising risks of the recession continue to keep investors in a negative mood.

Where to buy right now

To invest simply and easily, users need a low-fee broker with a track record of reliability. The following brokers are highly rated, recognised worldwide, and safe to use:

  1. Etoro, trusted by over 13m users worldwide. Register here >
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*Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.