Market fundamentals suggest that Horizen is in a bullish phase and could see further gains.
Over the past week, Horizon [ZEN] has seen a strong uptick. Since hitting a low of $13.64 a week ago, Alcoin has surged significantly, reaching a 32-month high of $49 over the past day.
This represents an increase of 190.97% in seven days.
On the daily charts, Alcoin rose from $38 to $49, representing a 28.95% increase. However, since then, ZEN has made a slight pullback and is settling at $42 as of this writing.
Similarly, Alcoin has risen by 255.29% over the past month.
With the newfound interest and demand, the question arises—is Horizon on the verge of a more sustainable path?
A look at ZEN crypto charts
ZEN was seeing strong bullish momentum at press time amid bullish sentiment as buyers took control of the market.
Source: Binance Trading View
It is worth noting that the dominance of buyers was evident from the rise in the Relative Strength Index (RSI), which rose from 51 over the past week to 90 at press time. Such a rise indicates increased buying pressure, with buyers in complete control.
Source: Coinglass
The market rally was further evidenced by the increasing number of investors taking long positions.
According to AMBCrypto’s look at Coinglass data, Horizen saw a higher dominance than Long, which captured 52% of the total positions. Hence, investors are expecting Horizen to see further gains.
This bullish sentiment is confirmed by the MACD RSI line, which rose to 5.8 after a bullish crossover a week ago.
Source: Santiment
Finally, Horizen’s open interest per exchange increased from $9 million to $58.1 million at press time. This increase indicates that investors are actively participating and opening new positions.
This increase in long positions confirms Zen's bullish outlook.