Horizen [ZEN] has experienced a strong rally over the past week. Since hitting a low of $13.64 a week ago, the altcoin has surged exponentially, reaching a 32-month high of $49 over the past day, with a total increase of 190.97% in seven days.

On the daily chart, ZEN surged from $38 to $49, a gain of 28.95%. However, since then, ZEN has pulled back slightly and is now stabilizing at $45 as of this writing, a gain of 255.29% over the past month.

Now comes the question that everyone is concerned about – Is ZEN about to see a more sustained rebound?

Let’s look at the chart of ZEN

Based on on-chain data, we can analyze that ZEN is experiencing strong upward momentum as of press time, driven by bullish sentiment as buyers dominate the market.

Notably, the dominance of buyers is clearly indicated by the rise in the Relative Strength Index (RSI), which surged from 51 last week to 90 at press time. Such a surge indicates that buying pressure is stronger and buyers are in full control of the situation.

The surge in the number of long investors further proves the bullish sentiment in the market.

According to the observation of on-chain contract data, the current ZEN bulls are in a dominant position, accounting for 52% of the total holdings, so holders may gain more benefits in the future.

This bullish sentiment is confirmed by the RSI MACD line, which surged to 5.8 after a bullish crossover a week ago.

Finally, ZEN’s open interest per exchange has increased from $9 million to $58.1 million at press time, a surge that means investors are actively participating and are opening new positions.

In short, Horizen is currently in a bullish phase with buyers dominating the market and its price chart is expected to rise further. If this bullish momentum continues, Zen will reclaim $49 and attempt $52.9. If the market corrects, the strong support below is at $36.9.

 

I am Penny, a long-term coin hoarder. I don't touch contracts or leverage. I make coins in a bear market and U in a bull market. If you are also such a person, then you are welcome to follow Penny.

Let us go through the bull and bear markets together, keep each other warm, and strive to be a thicker leek.