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

• ZEN crypto has surged by 190% over the past week on the back of increased demand.
• Market fundamentals suggested that Horizen is in a bullish phase and could see more gains.

Over the past week, Horizen [ZEN] has experienced a strong upswing. Since hitting a low of $13.64 a week ago, the altcoin surged exponentially, reaching a 32-month high of $49 over the past day.

This marked a 190.97% increase in seven days.

On daily charts, the altcoin has surged from $38 to $49 marking a 28.95% increase. However, since then, ZEN has made a slight pullback and settled at $42 as of this writing.

Equally, the altcoin has gained by 255.29% over the past month.

With the newfound interest and demand, a question arises — is Horizen is on the verge of a more sustained rally?

A look at ZEN crypto charts

According to AMBCrypto’s analysis, ZEN was experiencing strong upward momentum at press time amidst bullish sentiment as buyers dominated the market.

Source: Trading View

Notably, buyers’ dominance was evident through the rising Relative Strength Index (RSI), which surged from 51 over the last week to 90 at press time. Such a spike indicates higher buying pressure, with buyers in total control.

Source: Coinglass

The bullishness in the market was further evidenced by the surge in the number of investors taking long positions.

Per AMBCrypto’s look at Coinglass data, Horizen saw higher dominance from longs, who captured 52% of the total positions. Thus, investors are anticipating Horizen to experience more gains.

This bullish sentiment is confirmed by the RSI MACD line, which has spiked to 5.8 after a bullish crossover a week ago.

Source: Santiment

Finally, Horizen’s Open Interest per Exchange has increased from $9 million to $58.1 million at press time. This spike implies that investors are actively engaged and are opening new positions.

This rise in long positions further confirms Zen’s bullish outlook.

Read Horizen’s [ZEN] Price Prediction 2024–2025

Simply put, Horizen is currently in a bullish phase and buyers are dominating the market, anticipating further gains on its price charts.

If this bullishness continues, Zen will reclaim $49 and attempt $52.9. A market correction will see the altcoin drop to $36.9.