Due to increased demand, the ZEN cryptocurrency has surged by 190% in the past week.
The market fundamentals indicate that Horizen is in a bullish phase and is expected to rise further.
In the past week, Horizen [ZEN] experienced strong gains. Since hitting a low of $13.64 a week ago, the altcoin has skyrocketed, reaching a 32-month high of $49 in the past day.
This marks a growth of 190.97% over the past seven days.
On the daily chart, the altcoin surged from $38 to $49, a gain of 28.95%. However, since then, ZEN has slightly retraced, stabilizing at $42 as of this writing. Similarly, the altcoin has risen by 255.29% over the past month.
With new interest and demand emerging, a question arises - is Horizen about to experience a more sustained rebound?
Take a look at the ZEN cryptocurrency chart.
According to AMBCrypto's analysis, ZEN is experiencing strong upward momentum as of the time of writing, driven by bullish sentiment with buyers dominating the market.
Notably, the rise in the Relative Strength Index (RSI) clearly indicates buyer dominance, having surged from 51 last week to 90 as of the time of writing. Such a surge indicates greater buying pressure, with buyers fully in control.
The surge in the number of bullish investors further corroborates the market's bullish sentiment.
According to AMBCrypto's observation of Coinglass data, bulls are dominating Horizen, accounting for 52% of the total open interest. Therefore, investors expect Horizen to generate more gains.
The RSI MACD line confirms this bullish sentiment, having surged to 5.8 following a bullish crossover a week ago.
Finally, as of the time of writing, the open interest in Horizen across exchanges has surged from $9 million to $58.1 million. This spike indicates that investors are actively participating and opening new positions.
The increase in long positions further confirms Zen's bullish outlook.
In summary, 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. Market adjustments will cause altcoins to drop to $36.9.