Horizen (ZEN) has recently attracted a lot of attention in the privacy coin sector, with whale holdings clearly increasing, and Grayscale's allocation also intensifying. But from the recent trend, the bullish and bearish sentiments are indeed at a tug of war.

The technical aspect is quite interesting — the Base network mainnet just launched, which has certainly given the token a lot of positive expectations. The short-term EMA7 and medium-term EMA25 are still above the long-term EMA99, indicating that the bullish pattern still holds. The problem is that the MACD line recently fell below the signal line, and the Relative Strength Index has noticeably retreated from its previous high. In simple terms, buying momentum is waning, and there’s a short-term feeling of weakness.

The capital aspect is even more worth paying attention to. In the past hour alone, contract positions worth 592,000 USDT have been withdrawn, which is a significant outflow. Plus, the price is stuck tightly between the 13 and 14 ranges, making this resistance level hard to break. The community is also discussing this breakthrough challenge, and the market seems to be waiting for a signal to decide the next move.

Overall, ZEN’s privacy coin narrative remains solid, and development progress is noteworthy, but the short-term rhythm definitely needs observation. Whether resistance can be broken and whether capital will continue to flow out are the key points.