Market Insights: Horizen [ZEN] Surges to 32-Month High Amidst Unprecedented Buying Activity

Horizen [ZEN] Crypto Price Hits 32-Month High: More Gains In Store?

In a stunning turn of events, the price of Horizen (ZEN) has skyrocketed to a 32-month high. The cryptocurrency surged by a staggering 190.97% over the past week, leaving many wondering if this newfound momentum will continue or fizzle out.

According to AMBCrypto’s analysis, ZEN was experiencing strong upward momentum amidst bullish sentiment as buyers dominated the market. This dominant buying pressure is evident through the rising Relative Strength Index (RSI), which surged from 51 over the last week to 90 at press time. This dramatic increase indicates an unprecedented level of buying activity, with buyers firmly in control.

Furthermore, investors are piling into long positions, as Horizen saw higher dominance from longs, who captured a staggering 52% of total positions on Coinglass data. With this overwhelming support, it’s no surprise that the RSI MACD line has spiked to 5.8 after a bullish crossover a week ago. This is further confirmation that Horizen will continue to see gains in the short term.

Additionally, Open Interest per Exchange has increased dramatically from $9 million to $58.1 million at press time. This spike implies that investors are actively engaging with ZEN and opening new positions. This rise in long positions solidifies Zen’s bullish outlook.

In conclusion, Horizen is currently experiencing a bullish phase, and it appears unlikely that this trend will reverse anytime soon. In the short term, expect the cryptocurrency to continue seeing gains, potentially reclaiming its previous 32-month high of $49 and attempting to reach $52.9. However, should market conditions change, ZEN may drop to $36.9 in a correction.

Read Horizen’s Price Prediction for 2024-2025

Source: ambcrypto.com