Horizen (ZEN) has showcased an impressive display of resilience amidst recent market turbulence. Despite a significant price dip that impacted many altcoins, key on-chain metrics and market analysis point towards a surprisingly strong underlying bullish sentiment, suggesting that ZEN might be poised for a continued upward trajectory.
Whale Accumulation Signals Confidence
Even as Horizen [ZEN] experienced a sharp 36% price correction, large-scale holders, commonly known as "whales," have been aggressively accumulating the asset. This consistent buying behavior, observed since the dip in March, is a critical indicator of strengthening conviction among high-net-worth investors. Historical data often shows that similar accumulation phases by these strategic market participants tend to precede significant price extensions, suggesting that whales are positioning themselves for potential future gains and view current levels as an attractive entry point.
Robust Buyer Dominance and Resilient Market Structure
Further reinforcing the bullish outlook, Horizen has exhibited strong buyer dominance across both its Spot and Futures markets. Cumulative Volume Delta (CVD) data reveals a robust positive trend, indicating a surge in traders initiating long positions, which actively contributes to upward price momentum and solidifies short-term bullish sentiment. Crucially, even after the recent market crash, ZEN's overall market structure remains intact, trading comfortably above its 30-day and 50-day Exponential Moving Averages (EMAs). While some short-term profit-taking could introduce volatility, the sustainability of ZEN's uptrend will largely depend on continued whale accumulation and Spot buyers consistently outpacing selling pressure, painting an optimistic picture for its future.
