Horizen [ZEN] cryptocurrency price reaches highest level in over 32 months: Can we expect further gains?

Over the last seven days, there has been a notable upward trend in the value of Horizen [ZEN]. After hitting a low of $13.64 a week ago, the cryptocurrency has seen significant growth, reaching a 32-month peak of $49 within the past day.

This surge represents a remarkable 190.97% increase in a week.

When observing the daily trading charts, ZEN has climbed from $38 to $49, marking a notable 28.95% rise. However, the coin has slightly retraced since then, settling at $42 at the time of writing.

Furthermore, Horizen has exhibited impressive growth of 255.29% over the last month.

Given the renewed interest and demand, it naturally begs the question—could Horizen be poised for a sustained upward trend?

Analyzing ZEN’s Cryptocurrency Charts

At present, Horizen is showing strong upward momentum, with buyers dominating the market amidst bullish sentiment, according to analysis from CryptoCrypto.

The surge in the Relative Strength Index (RSI) from 51 to 90 within the week indicates heightened buying pressure and a market controlled by buyers.

Additionally, the increasing number of investors taking long positions on Coinglass indicates a bullish market sentiment, with longs holding 52% of total positions, anticipating further gains for Horizen.

Further supporting this optimistic outlook is the RSI MACD line, which has risen to 5.8 following a bullish crossover a week ago.

Moreover, the Open Interest per Exchange for Horizen has risen from $9 million to $58.1 million currently, suggesting active investor engagement and the initiation of new positions.

These increasing long positions serve to bolster the bullish trajectory for Zen.

In essence, Horizen is presently experiencing a bullish phase with buyers driving the market, foreseeing potential further gains in its price trajectory.

If this positivity persists, ZEN is expected to reclaim $49 and potentially target $52.9. Conversely, a market correction could lead to a drop in the altcoin’s value to $36.9.