ZKsync Price Analysis: ZK, a Layer-2 protocol that scales Ethereum, has seen a notable increase in price over the past day. ZK price is recovering and showing signs of upward momentum after recent fluctuations.
The altcoin hovered at $0.1626 during the European sessions on Friday, making a 3.24% surge in value, according to CoinMarketCap data. The current market capitalization is approximately $597 million, positioning zkSync as the 108th largest cryptocurrency in market cap. Additionally, trading volumes have risen by 3.49% in the last 24 hours, indicating a growing interest among investors.
ZKsync Price Analysis: Could ZK Break the $0.17 Soon?
Over the past week, the value of zkSync has oscillated between $0.18 and $0.15. This demonstrates persistent bearish trends in the market, with the price decreasing by 9% within the week and 42% over the month.
Despite these declines, there are signs of a possible future rebound following a recent uptick in bullish activity. Since its introduction, zkSync price has experienced significant volatility. ZK peaked at $0.3098 on July 17, and just a day prior, it fell to its lowest at $0.1501. With some positive market movements, ZK appears set for potential gains.
zkSync Price Forecast
Last week marked a notable development for zkSync as it launched its ZK token. The token was airdropped to early supporters and listed on multiple exchanges, such as Binance, Bybit, Gate.io, and KuCoin.
Recently, CoinGape media reported that Robinhood Crypto EU announced plans to facilitate ZK trading, which has generated considerable excitement among investors. Additionally, the crypto exchange WEEX has revealed that on June 30, it will initiate the second phase of its ZKsync Launchpool.
Participants can invest WXT to earn a share of a 37,000 ZK token pool in this phase. This opportunity has attracted investors eager to engage with Zksync’s growing ecosystem.
zkSync Indicators Suggest a Potential Shift in Market Sentiment
The altcoin ZK is experiencing an upward movement, indicating a potential bullish phase. If this trend persists, breaking the $0.17 resistance level could be possible soon. A continued upward trajectory might push its valuation towards the $0.5 mark, aiming to reach $1 in the upcoming bullish period.
On the other hand, changes in market dynamics could see zkSync stabilizing at the $0.16 level, which would serve as new support. If the market turns bearish, its price might be around $0.15.
The 4-hour technical indicators for the zkSync cryptocurrency suggest a stable market sentiment. The Moving Average Convergence Divergence (MACD) shows a slight bearish momentum, with the signal line overtaking the MACD line.
zkSync Price Forecast| Source: TradingView
The Relative Strength Index (RSI) stands at 46, indicating a neutral position between oversold and overbought conditions. Despite the small dip, the market appears to be consolidating, as noted in the price movement, remaining close to the dotted resistance level. The Average Directional Index (ADX) at the bottom of the chart suggests a value of 51, typically indicating a strong trend.
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