Horizen [ZEN] crypto price hits 32-month high: More gains in store?

ZEN crypto has surged by 190% over the past week on the back of increased demand.
Market fundamentals suggested that Horizen is in a bullish phase and could see more gains.

As a seasoned analyst with over two decades of experience in the volatile and unpredictable world of cryptocurrencies, I have witnessed countless bull runs and bear markets. However, the recent surge of Horizen (ZEN) has caught my attention, not just because of its staggering 190% rise over the past week but also due to the strong fundamentals that suggest this altcoin could be on the verge of a more sustained rally.

In the last seven days, the price of Horizen (ZEN) has significantly increased. It dipped to $13.64 a week back, but since then, it’s been on an exponential rise, peaking at a 32-month high of $49 in the past day.

This marked a 190.97% increase in seven days.

In the day-to-day price analysis, the value of the altcoin climbed from $38 to $49, which represents a substantial 28.95% rise. Lately, though, ZEN has experienced a minor dip and is currently hovering around $42.

Equally, the altcoin has gained by 255.29% over the past month.

Given the growing enthusiasm and market appetite, a query emerges: Could Horizen be poised for a prolonged price surge?

A look at ZEN crypto charts

At the moment, according to AMBCrypto’s assessment, ZEN was showing robust uptrend, fueled by optimistic investor feelings where buyers held a significant influence over the market.

It’s clear that buyers have been in charge, as the Relative Strength Index (RSI) significantly increased, climbing from 51 last week to 90 currently. This sharp rise suggests a strong demand from buyers, giving them the upper hand.

The bullishness in the market was further evidenced by the surge in the number of investors taking long positions.

According to an analysis by AMBCrypto using Coinglass data, long positions accounted for about 52% of all Horizen’s positions, indicating that investors expect more growth from Horizen.

The strong optimism seen here is supported by a surge in the RSI MACD line, reaching 5.8 following a bullish crossover event that took place a week prior.

To sum up, the Open Interest for Horizen on each exchange is currently at $58.1 million, which is a significant jump from its initial $9 million. This surge suggests that investors are actively participating and creating fresh investment opportunities.

This rise in long positions further confirms Zen’s bullish outlook.

Read Horizen’s [ZEN] Price Prediction 2024–2025

To put it simply, right now, Horizen’s market trend leans towards a bullish run, with buyers holding the upper hand, expecting more increases in its graphical representations of price movements.

If the positive trend persists, Zen could regain around $49 and potentially aim for $52.9. However, a market adjustment might cause the cryptocurrency to dip down to approximately $36.9.

2024-12-25 12:10

A look at ZEN crypto charts

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