Horizen [ZEN] Cryptocurrency Market Update: Recent Performance and Future Prospects Discussed
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Horizen [ZEN] Crypto Price Hits 32-Month High: More Gains In Store?
The cryptocurrency market has been a rollercoaster ride lately, with prices fluctuating wildly. However, one particular token has caught everyone’s attention due to its astronomical surge – Horizen (ZEN). The asset has reached a staggering 32-month high, prompting many investors and enthusiasts alike to wonder if this is the start of an even more significant rally.
Over the past week, ZEN has skyrocketed by an astonishing 190.97%, with its price hitting $49. This is a remarkable turnaround from just a week ago when it was trading at $13.64. The sheer scale of this surge raises questions about whether we will see even more gains in the future.
Market Analysis
According to our analysis, Horizen’s recent price action indicates that it has entered a bullish phase. The Relative Strength Index (RSI) has seen a sharp spike from 51 to 90 over the last week, indicating an overwhelming presence of buyers in the market. This is further reinforced by Coinglass data which reveals that long positions dominate at 52%, showing investors’ enthusiasm for ZEN.
Another crucial indicator, the MACD line, has also shown a bullish crossover, suggesting that the asset’s value will continue to rise in the near future. Moreover, Open Interest per Exchange has jumped from $9 million to $58.1 million, implying an immense interest in taking long positions.
Source: ambcrypto.com
