The recent price drop of ZEN appears to be part of a broader technical correction and volatility in the privacy coin sector, following significant gains in the preceding month.
Sector Volatility & Correction: Horizen ($ZEN), along with other privacy coins like Zcash ($ZEC) and Dash ($DASH), experienced a sharp sell-off and profit-taking in the days leading up to today, following a large rally over the last 30 days. This volatility is often tied to:
Profit-taking: Traders exiting positions after recent large price increases.
Technical Rejection: ZEN was recently rejected at a key Fibonacci retracement level, leading to sell-offs.
Privacy Narrative/Fundamentals: In the longer term, the privacy coin sector has been trending up due to renewed interest in anonymity-centric assets, partly in response to increasing regulatory scrutiny on transparent chains.
Project Development: Horizen has been in the process of a major evolution, transitioning its coin to an ERC-20 token on the Base L2 (an Ethereum Layer 2 solution) to support its next-generation Layer 3 (L3) appchain for compliant privacy. This migration is a significant ongoing development.
In short, the chart shows a steep, double-digit percentage drop likely caused by profit-taking and a technical correction after a recent bullish move, within a sector that is currently quite volatile.
$DASH Dash (DASH) climbs 228% to $128 amid strong inflows; sustained momentum could lift prices past $150 and toward $180 if buying pressure holds.ššš
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bro I can tell you whether it will go up or down, today, I have bought at 101.50
trader _malik
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Bullish
$LTC USDC (Perp) ā Binance Signal
Type: ā” LONG Current Price: 101.81 Trend: Bullish rebound from 98.00 support zone
š Entry Zone: ā”ļø 101.0 ā 102.2
šÆ Targets:
TP1: 104.5
TP2: 107.0
TP3: 110.5
ā Stop-Loss:
Below 98.0
š Key Level:
Support: 98.0 ā 99.0
Resistance: 106.9 ā 107.5
š Technical View: LTC bounced strongly from the $98.00 support and reclaimed the $101 zone. As long as it holds above $100, bulls may push toward $107+ in the short term.
ā ļø Risk Management: Use 2ā3% max risk per trade and trail stop once TP1 is reached. $LTC {future}(LTCUSDT)
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