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Highlights
- ZkSync's trading volume increase highlights market volatility and investor uncertainty.
- Binance listing triggers a sharp zkSync price drop, and community response is tepid.
- Technical indicators suggest continued zkSync sell-off strong bearish trends.
ZkSync price forecast: ZK, a Layer-2 protocol designed to scale Ethereum, has experienced a significant price decline following a market correction. The price of zkSync sank more than 16% over the past day, trading at $0.2207 as of the US session on Tuesday.
According to data from CoinMarketCap, the cryptocurrency saw its market capitalization drop slightly to $814.47 million, making it the 79th largest by market cap. The 24-hour trading volume for zkSync soared by 1232% to $1.29 billion, reflecting heightened activity amid the price drop.
ZkSync Price Forecast: Will Support Levels Hold Amid Binance Listing?
Over the past week, the price of zkSync has decreased by approximately 23%, fluctuating its trading range between a low of $0.19 and a high of $0.3. This decline is part of a broader trend that has affected zkSync prices over the last 30 days, with a dip of 22%.
zkSync has experienced a downturn after its recent introduction on Binance. This development followed significant criticisms from investors regarding its initial ZK token airdrop. Binance has recently launched a token distribution program to address community concerns. Despite these efforts, the value of the ZK token has declined since its debut.
As of Tuesday, 18th June 2024, the overall cryptocurrency market saw a slight decrease of 1.37%, bringing the market cap to $2.37 trillion. Conversely, trading volume surged by 98%, totaling $96.47 billion. ZkSync’s ZK token emerged as the day’s most trending and biggest declining crypto.
Introducing the ZK Token
Checker → https://t.co/O2UonCvfzi
Announcement → https://t.co/hjgI14PHoi
Docs → https://t.co/taWBoCnfbcIt’s time to put the ZK token into the hands of the community. It’s your turn to govern ZKsync’s future. pic.twitter.com/VD3fZgH5bf
— ZK Nation (@TheZKNation) June 11, 2024
On June 11, ZK Nation heralded the imminent distribution of over 3.6 billion ZK tokens, set to be available to nearly 695,000 qualified addresses starting Monday. This announcement initially stirred investor dissatisfaction, casting a shadow over the token’s launch.
Daily Technical Indicators Show Bearish Momentum for ZkSync
With the current bearish trend in ZK price intensifying, the cryptocurrency might soon touch the support level of $0.21. If the decline persists, zkSync’s valuation could decrease to $0.2, indicating a pivotal shift in market sentiment. Further pressure from sellers might push the price down to the $0.1 mark in the short term.
Conversely, a resurgence in bullish momentum could propel zkSync back to the $0.25 mark. If buyers continue to dominate, ZK price could surge past $0.4 and reach $0.5 during the next bullish wave. Such movements underscore the high volatility and dynamic conditions of the zkSync market.
The daily technical indicators for the zkSync cryptocurrency, as displayed on a 4-hour chart, suggest a strong sell-off in the market. The Moving Average Convergence Divergence (MACD) currently displays a bearish signal.
The MACD line (blue) is below the signal line (orange), and both trend downward, suggesting that the bearish momentum is strong. The Average Directional Index (ADX) sits at a high level of 42.89, indicating a strong trend, although the direction of this trend is currently negative as per the downward movement. The Awesome Oscillator (AO) also reflects bearish momentum, registering at -0.8385, suggesting sellers dominate the market.
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