Zcash (ZEC), Horizen (ZEN) and Hedget (HGET) soar along with the altcoin market


Three of ARK’s publicly traded funds purchased nearly $ 246 million worth of Coinbase Global Inc. (COIN) shares on the day of its IPO. Another fund, Amplify Transformational Data Sharing ETF (BLOK) also bought COIN shares. These purchases show that ETFs are eager to be part of the growth of cryptocurrencies.

Daily view of the cryptocurrency market. Fountain: Coin360

However, Blackrock CEO Larry Fink takes a different point of view. Fink said that institutional investors were fascinated by cryptocurrencies, but that did not translate into a demand from institutions around the world.

One of the reasons the fascination did not turn into demand could be the strong rally in Bitcoin and other cryptocurrencies. A new survey of professional investors by Bank of America shows that 74% of respondents believe that Bitcoin (BTC) is in a bubble.

Such criticisms are not new to cryptocurrencies. Traders who ignore the noise and buy currencies on solid fundamentals generally tend to make big profits in the long run.

Let’s re-analyze three tokens that Cointelegraph covered earlier this year to see if they have continued their upward trajectory.

ZEN / USDT

Horizen (ZEN) appeared on Cointelegraph on January 12 when the token’s price was $ 28. The token maintained its momentum and reached an intraday high of $ 108.77 earlier today, a 288% gain in just three months.. Let’s look at some of the important events that have taken place with Horizen in the last few weeks.

Recently, Horizen said development of the Zendoo corenet launch, expected in the third quarter, is progressing smoothly. The team says that Zendoo will offer improved scalability and flexibility suitable for commercial applications.

Decentralized finance has also opened up a host of opportunities for investors. Horizen’s partnership with the StakeHound staking platform enables ZEN investors to participate in and benefit from the Ethereum-based DeFi ecosystem.

In addition, in recent weeks a series of partnerships with APIS, IOTA, DIA and Copper to expand Horizen’s side chain ecosystem. These developments appear to have attracted new users, given that the company said its community had grown by 13.2% in the first quarter of 2021.

ZEN rose from $ 52.54 on April 4 to an intraday high of $ 108.77 on April 15, a rise of 107% in 12 days. Although the bears mounted stiff resistance at $ 86, the bulls have overcome the hurdle in force today. The first target on the upside is $ 119.45 and then $ 162.

ZEN / USDT daily chart. Fountain: TradingView

The strong rally of the last few days has pushed the Relative Strength Index (RSI) above 83, indicating that the ZEN / USDT pair is overbought in the short term. This could result in a small correction or consolidation within the next few days.

If the bulls can turn the $ 86 level into support during the next correction, it will suggest that sentiment remains positive and traders are racking up on the dips. The bulls will make another attempt to resume the uptrend.

This positive viewpoint will be invalidated if the bears sink the price below $ 86. In such a case, the pair could drop to the 20-day exponential moving average ($ 71). A break below this support will signal the start of a deeper correction.

HGET / USDT

Hedget (HGET) was at $ 3.20 when Cointelegraph mentioned it on January 14. Since then, the token reached an intraday high of $ 11.25 on March 31, a 251% gain in about two and a half months.

The protocol has established partnerships to increase its user base. Hedget announced a partnership with Fire Protocol on March 8 to issue HGET tokens on the HECO chain and integrate Hedget’s options within the Fire Protocol ecosystem. This will open up the possibility for Hedget to provide option-based insurance mechanisms for lending protocols in the HECO chain.

On March 9, Hedget announced a partnership with Clover Finance to build and test a two-way bridge between Binance Smart Chain and the Polkadot blockchain. Hedget said it will deploy its platform in the Clover ecosystem, making it the first options trading platform in the Polkadot ecosystem.

On March 17, Hedget partnered with APYSwap to offer token Vault holders the opportunity to use options to reduce their temporary loss.

These Hedget partnerships show that the protocol is expanding its user base, which is a fundamental positive in the long term.

HGET has been in a corrective phase for the last few days. The token slid from an all-time high at $ 10.95 on March 31 to $ 8.51 on April 11, a 22.28% correction in 12 days. In an uptrend, corrections to strong support levels offer a low-risk buying opportunity for traders.

HGET / USDT daily chart. Fountain: TradingView

The HGET / USDT pair has found support twice the support at the 50-day SMA ($ 8.17) in recent weeks. This suggests that the bulls are aggressively buying dips to the 50-day SMA.

The pair has been pacing just below the 20-day EMA ($ 8.93) for the past few days. However, the bears have not been able to take advantage of this weakness and bring the price to the 50-day SMA. This suggests that sales are depleting at the lowest levels.

Both moving averages have flattened out and the RSI is just below the midpoint, indicating a balance between supply and demand.

This balance is unlikely to last for long. If the bulls manage to push the price above the 20-day EMA strongly, the pair could retest the all-time high. The breakout of this resistance could start the next leg of the uptrend that could hit $ 12.39 and then $ 15.

This bullish view will be invalidated if the bears sink and hold the price below the 50-day SMA. Such a move could drag the price to $ 7 and then to $ 5.18.

ZEC / USDT

Zcash (ZEC) was one of the tokens covered by Cointelegraph on January 14 when it was trading at $ 109.93. Since then, the token has continued its march northward, hitting an intraday high of $ 252.89 today, an increase of 130% in roughly three months.

Electric Coin Co., the company behind Zcash, announced the next set of updates called Harlo Arc, which will be launched on October 1 of this year, along with the activation of Network Upgrade 5 (NU5) and unified addresses.

Halo Arc will include updates to Zcashd, the ECC Reference Wallet apps, and the ECC Wallet SDKs. NU5 will move Zcash from zk-SNARKs to the Halo test system and the unified addresses will improve usability, increase ease of interoperability, and support Zcash default shielding.

The price of ZEC has had a strong upward trend. It rose from $ 162.52 on April 7 to an intraday high of $ 252.89 today, a 55% increase in nine days. The strong rally in recent days has pushed the RSI into the overbought zone, indicating the possibility of a correction or small consolidation.

ZEC / USDT daily chart. Fountain: TradingView

The first major support on the downside is the 20-day EMA ($ 194). The bulls are defending this support in the current leg of the rally as seen from the strong bounce on April 8.

If the ZEC / USDT pair rallies again from the 20-day EMA, the bulls will attempt to resume the uptrend. If they get their way, the pair could start its journey towards $ 350.

Contrary to this assumption, if the bears sink the price below the 20-day EMA and the $ 190 support, it will suggest the initiation of a deeper correction towards the 50-day SMA ($ 155) and then slide down to the $. 120.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Each investment and commercial movement involves risks, you must do your own research when making a decision.

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