Horizen (ZEN) started the week with a strong bullish move, climbing 12% in the last 24 hours as buyers regained clear control of short-term price action.
The rally follows another bullish pattern change on the daily chart. Such a change often marks the first significant sign that momentum may begin to shift back in favor of buyers.
This change matters more than the daily gains themselves, as the price had compressed before the breakout. However, the latest move pushed ZEN beyond this short-term structure and confirmed a shift in market direction – evidence of expansion momentum.
Rising Open Interest – A Sign of Stronger Conviction?
One of the clearest signs supporting the rally has been the sharp increase in open interest. Over the past 24 hours, ZEN’s open interest has climbed 24% to $19.2 million, closely tracking the price rally.
In the past, similar alignments have suggested new capital entering the market rather than a move driven by short covering alone. Simply put, traders don’t just react to the breakout. Instead, they can add exposure to it.
This behavior lends more weight to the current rally, implying that a bullish conviction could be starting to form beneath the surface.
Financing Rates Still Indicate Undervalued Terms
Here, derivatives add another constructive layer to altcoin price action. Despite the recent bullish movement, network funding rates still appear to highlight undervalued market conditions.
This is important because it implies that the rally is not yet driven by excessive leverage. In many cases, strong bullish moves begin to lose stability once funding becomes saturated. ZEN has not yet reached this point.
Instead, buyers could continue to add more orders in a market that has room to grow without being immediately overextended. This would provide more flexibility if demand continues to grow in the market.
The dynamic now favors the continuation
ZEN’s configuration has improved over the last 24 hours. The price has changed structure, the Open Interest is increasing with conviction and the financing conditions still leave room for a new upward trend. This combination generally promotes continuation rather than burnout.
As long as ZEN remains above the demand zone at around $5.973, the press time rally seems more likely to extend than to fade. As it stands, the token’s price momentum is under the control of the bulls, with the latest change in structure suggesting that this move may still be in its early stages.
The bulls’ next target is the imbalance zone between $8,250 and $8,750.
Final Summary
- ZEN turned bullish on the daily chart as price and open interest increased simultaneously
- Funding rates appeared to point toward undervalued markets – a sign that the recovery may still have room to go before conditions become overheated.
