Horizen [ZEN] Cryptocurrency Surges to 32-Month High Amid Market Fundamentals and Investor Sentiment

Horizen [ZEN] crypto price hits 32-month high: More gains in store?

December 25, 2024 –

In a stunning development, the Horizen [ZEN] cryptocurrency has surged to hit a 32-month high, with a whopping 190.97% increase over the past week. This astronomical rise has left many wondering whether this is just a temporary correction or if ZEN will continue its upward momentum.

The answer lies in the market fundamentals. It appears that increased demand has led to the significant price hike, indicating a strong upswing on the charts. Since hitting a low of $13.64 a week ago, Horizen has not looked back, with investors flocking to the altcoin. This rally is unlikely to be just a temporary correction.

A look at the Relative Strength Index (RSI) provides further evidence for this optimistic outlook. The index surged from 51 over the last week to 90 at press time, signaling an overwhelming presence of buyers in the market. In addition, data from Coinglass reveals that investors are overwhelmingly taking long positions, with a staggering 52% dominance. This bullish sentiment is echoed by the RSI MACD line, which has spiked to 5.8 after a bullish crossover just last week.

Furthermore, it appears that Horizen’s Open Interest per Exchange has increased significantly from $9 million to a whopping $58.1 million at press time. This rise in long positions further confirms the altcoin’s bullish outlook.

In conclusion, it is clear that ZEN is currently in a state of unbridled momentum, with no signs of slowing down. While there may be minor corrections along the way, it appears that this cryptocurrency will continue to make new highs in the coming days and weeks.

Source: ambcrypto.com