$ZEN: Where’s the Next Move Going?

Horizen’s $ZEN is trading around $3.8, way below its support level, $3.97, which has now turned into a resistance zone in the short term. The token fell from $4.1 to $3.72 in 48 hours, signaling strong selling pressure; 4H MACD is deeply negative, but the RSI has closed up on its 34.94 moving average, showing the first sign of stabilization after the drop; however, $ZEN is still weak, technically.

$ZEN spent most of July rotating inside a broad supply liquidity zone ($4.534) and a support level ($3.972) that has held its multiple falls from 3 months ago, before it broke that $3.972 line and came crashing to $3.740. So far, its bounce has been sustained, and the momentum signals are widely crawling up.

On the fundamental side, Horizen began distributing $ZEN staking rewards on July 27, which could be linked to why the token fell; traders sold their $ZEN reward.

$ZEN needs to make a higher low or a reclaim of $3.972 to actually mean something structurally is about to break out. If it continues to hold above the $3.70s, the price could work back up to retest $3.972 as resistance-turned-support. A reclaim there reopens the door to the broader July range and, eventually, another look at the $4.534 supply zone.

However, another rejection from the $3.972 zone would mean $ZEN could push lower, even below $3.7. The range floor is broken, and ZEN is now proving itself in new territory; $3.972 is the level to decide whether this was a shakeout or the start of something worse.