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Horizen [ZEN] Crypto Price Hits 32-Month High: More Gains in Store?
In a stunning turn of events, the market has witnessed a drastic surge in Horizen’s [ZEN] value over the past week. The cryptocurrency has hit an impressive 32-month high, with prices skyrocketing by a whopping 190.97% to reach a new all-time high.
Since hitting a low of $13.64 just seven days ago, ZEN has experienced an exponential surge, reaching a 32-month high of $49. This marked a staggering 28.95% increase in a single day. Although the cryptocurrency has made a slight pullback and settled at $42 as of this writing, it’s undeniable that ZEN is on a tear.
The market fundamentals suggest that Horizen is currently in a bullish phase, with buyers dominating the market and driving prices higher. The recent surge in price can be attributed to the increasing demand for the cryptocurrency, which has led to a significant increase in long positions.
According to Coinglass data, it’s evident that buyers are fully in control as the Relative Strength Index (RSI) has surged from 51 to 90 over the past week. This indicates that buying pressure is at an all-time high. Furthermore, the spike in the number of investors opening new long positions further confirms this bullish sentiment.
The market data also suggests that ZEN’s Open Interest per Exchange has increased significantly, from $9 million to a staggering $58.1 million as of press time. This substantial increase in open interest implies that investors are actively engaging with the cryptocurrency and opening new positions, which is a clear indication that ZEN will continue its bullish trend.
It’s imperative for traders to note that Horizen has reclaimed its previous highs, suggesting that it may attempt to push past $52.9 if this bullishness continues. However, in the event of a market correction, ZEN would likely drop to $36.9.
In conclusion, it is evident that Horizen is currently in a strong upswing and buyers are dominating the market. As such, it’s highly probable that we will see more gains in store for this cryptocurrency.
Source: ambcrypto.com
