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Horizen [ZEN] crypto price hits 32-month high: More gains in store?
Horizen’s cryptocurrency has made a remarkable comeback over the past week, surging by an astonishing 190.97% to hit a 32-month high of $49. With this unprecedented growth, it is imperative to examine whether these gains will continue or if we are witnessing a temporary phenomenon.
The data paints a clear picture: Horizen [ZEN] has not only regained its lost ground but has actually surpassed previous highs. The altcoin surged from $38 to $49 in just one day, marking an impressive 28.95% increase. Furthermore, the cryptocurrency has gained a whopping 255.29% over the past month. This upswing is nothing short of extraordinary.
As the price continues to rise, many investors are left questioning if this momentum will be sustained. An analysis of Horizen’s charts provides some insight into the matter. The Relative Strength Index (RSI) displays a steep upward trend, indicating an overwhelming dominance by buyers in the market. This surge from 51 to 90 is significant and suggests that there may not be any immediate correction.
In addition to this bullish sentiment, the cryptocurrency has witnessed a substantial increase in long positions. According to our research, 52% of all positions taken are now long, implying that investors are aggressively taking on risk and expecting further price growth from Horizen.
Moreover, the MACD line has also seen an upward crossover, which is often a sign of a strong upswing. This corroborates the notion that Horizen’s price will likely continue to rise.
Source: ambcrypto.com
