Is It Too Late To Buy ZK? ZkSync Price Technical Indicators Suggest A Bull Rally
The ZkSync price is up 2% today, with the ZK/USD trading at $0.1522, suggesting an upward trajectory. Moreover, its trading volume has jumped 6% to $160.42 million, with traders and investors showing interest in the market.
This comes as the Pancake Swap revealed an airdrop of 2,452,128 zkSync (ZK) tokens to its loyal community. The initiative, which commenced on July 5 at 10:30 am UTC and will end on August 5 at 10:30 am UTC, will mark the anniversary of the deployment of zkSync on PancakeSwap in July 2023.
ZkSync is a Layer-2 protocol that scales Ethereum with cutting-edge ZK tech. The project aims to increase Ethereum’s throughput and fully preserve its foundational values—freedom, self-sovereignty, and decentralization—at scale.
ZkSync Statistical Data
Based on Coinmarketcap data:
- ZK price now – $0.1522
- ZK market cap – $560.46 million
- ZK total supply – 21 billion
- ZK circulating supply – 3.67 billion
- ZK ranking – #102
The ZkSync price is trading with a bullish bias. The buyers have stepped into the market, dwindling the seller momentum and causing the ZK price to find support around $0.1392. This has resulted in a double-bottom pattern as the bulls exert pressure on the ZK price market.
Today, the bulls aim to use the $0.1388 support level to push the ZK price towards the north, triggering a bull rally. However, they have faced rejection at around $0.157 as the ZK price consolidates between the $0.1496 and $0.1539 mark.
Moreover, the double-bottom technical formation sets the stage for more gains as long as it breaks above the confines of this pattern. Looking at the technical indicators, the odds lean toward the upside, with buyer momentum increasing, suggesting a potential bullish reversal.
The Relative Strength Index (RSI) continues to record higher lows and is well above the 50 threshold. Currently, it sits at 54, an equilibrium zone, tilting the odds towards the buyers. Increased buying pressure could see the RSI hurtling toward the 70-overbought zone, cementing a bullish outlook.
The ZK price trades well above the 50-day Simple Moving Average (SMA), with the $0.1492 as immediate support. If the bulls capitalize on the 50-day support level, they could propel the ZK price to a $0.1691 technical barrier, invalidating the bearish sentiment.
On the other hand, the Moving Average Convergence Divergence (MACD) worsens the outlook, subdued below the orange band of the signal line. However, the momentum indicator sits in the positive territory, tilting the odds towards the buyers.
ZkSync Price Collapse Or Skyrocket?
In the 15-minute chart analysis, the bulls seem to be gaining momentum in the ZK price market. If the bulls continue to buy and capitalize on the double-bottom pattern, they could potentially trigger a bullish rally, targeting above the $0.1695 technical barrier. In a highly bullish scenario, the ZK price could soar to around $0.1883 in the coming days.
However, if the bears step in and the overall market turns negative, the buyer momentum could dwindle, forcing the ZK price to retest the $0.1392 support level. In a dire case, the ZK price could retest its low of $0.1279 recorded on 5 July.
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Emmaculate Araka
Emmaculate Araka is a cryptocurrency writer with published works on Crypto2Community and other news sources. She is believer in the transformative power of crypto and the blockchain industry, conducting on-chain analysis, breaking down market-triggering events, and helping traders and investors benefit from expert technical price analysis. Emmaculate finds gratification in diving deep into the crypto space, earning herself significant knowledge and experience. She holds a Bsc. in Information Science, and outside work, Emmaculate loves reading novels and watching documentaries.
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