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Horizen [ZEN] crypto price hits 32-month high: More gains in store?
The past week has seen a remarkable surge in the value of Horizen, as its market value has skyrocketed by an impressive 190.97%, culminating in a new 32-month high of $49 per unit. This sudden increase in demand and interest in the cryptocurrency has raised many eyebrows, with many wondering if this momentum can be sustained.
It appears that the bears are still licking their wounds as Horizen continues to defy expectations. The cryptocurrency’s market cap has seen an astonishing rise over the past month, increasing by a whopping 255.29%. This phenomenal growth is not just a blip on the radar; it indicates a fundamental shift in sentiment and interest in the asset.
According to AMBCrypto’s analysis, it appears that buyers are firmly in control of the market. The Relative Strength Index (RSI) has made a dramatic surge from 51 to 90, demonstrating an unprecedented level of buying pressure. This level of enthusiasm is matched by the surge in investors taking long positions, with 52% of all positions held by bulls.
Furthermore, the MACD line, which has been experiencing a bullish crossover for the past week, further solidifies this view. It is clear that there is no respite for Horizen’s detractors as its open interest per exchange has skyrocketed from $9 million to $58.1 million at press time. This influx of new investors opening long positions serves only to reinforce the notion that the market sentiment surrounding Horizen is one of optimism and confidence.
It appears, therefore, that if this bullishness continues, Horizen will be able to reclaim its previous highs at $52.9. However, any correction in the market may result in a dip down to $36.9.
Source: ambcrypto.com
