ZEN has risen for 7 consecutive days! Continues to set new highs! What to expect next, bullish or bearish?

In the past week, Horizen [ZEN] has experienced a strong rise. Since hitting a low of $13.64 a week ago, this altcoin has skyrocketed, reaching the highest point of $49 in 32 months within the last day, totaling a growth of 190.97% over seven days.

On the daily chart, ZEN surged from $38 to $49, an increase of 28.95%. However, since then, ZEN has slightly retraced and stabilized at $45 at the time of writing, having risen 255.29% in the past month.

So the question everyone is concerned about has arrived - Is ZEN about to welcome a more sustained rebound?

Let's take a look at ZEN's chart

Based on on-chain data analysis, due to buyers dominating the market, driven by bullish sentiment, ZEN is experiencing a strong upward momentum at the time of writing.

It is noteworthy that the significant rise in the Relative Strength Index (RSI) clearly indicates the dominance of buyers, with the index soaring from 51 last week to 90 at the time of writing. Such a surge suggests greater buying pressure, with buyers completely in control of the situation.

The surge in the number of bullish investors further confirms the market's bullish sentiment.

According to observations of on-chain contract data, the current bullish position of ZEN dominates, accounting for 52% of the total open interest, so holders may gain more profits going forward.

The RSI MACD line confirms this bullish sentiment, having soared to 5.8 after a bullish crossover a week ago.

Finally, at the time of writing, ZEN's open contracts on each exchange have increased from $9 million to $58.1 million, indicating that investors are actively participating and 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, with strong support below at $36.9 if the market adjusts.

I am Penny, a long-term coin holder enthusiast. I don't touch contracts and I don't use leverage. I earn coins in a bear market and earn USDT in a bull market. If you're also this kind of person, then welcome to follow Penny.

Let's traverse the bull and bear markets together, huddle for warmth, and strive to be a rough-cut leek.