The ZEN cryptocurrency has surged 190% in the past week due to increased demand.
Market fundamentals suggest that Horizen is in a bullish phase and is expected to rise further.
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.
This marks a 190.97% increase in seven days.
On the daily chart, the altcoin surged from $38 to $49, a gain of 28.95%. However, since then, ZEN has pulled back slightly and is stabilizing at $42 as of the time of writing. Likewise, the altcoin is up 255.29% over the past month.
With the new interest and demand, a question arises – is Horizen on the verge of a more sustained rebound?
Take a look at the ZEN cryptocurrency chart
According to AMBCrypto’s analysis, ZEN is experiencing strong upward momentum at press time, driven by bullish sentiment as buyers dominate the market.
Notably, the dominance of buyers is evident from 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 AMBCrypto’s observation of Coinglass data, Horizen’s longs are dominant, accounting for 52% of the total holdings. Therefore, investors expect Horizen to gain more.
This bullish sentiment is confirmed by the RSI MACD line, which surged to 5.8 after a bullish crossover a week ago.
Finally, Horizen’s open interest per exchange has increased from $9 million to $58.1 million at press time. This surge means that investors are actively participating and are opening new positions.
The increase in long positions further confirms Zen’s bullish outlook.
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. A market correction will cause the altcoin to drop to $36.9.