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- The ZK price was dumped by 21% on July 04, leading to ATL.
- Bullish divergence seen in the RSI indicates positive momentum.
The chart structure of ZK crypto displays the bearish trend for the past few weeks. The price has declined by forming lower lows and lower highs in a 4-H time frame.
Is a Breakout from the Falling Channel Loading?
Will the falling channel pattern for $zk be broken? #zkSync pic.twitter.com/5AdDK6R4Ml
— Kriptog (@benkriptog) July 10, 2024
A source on X shows that the ZK crypto price has been falling through a falling channel in a 4-H time frame. The RSI has shown a golden crossover with the RSI-based moving average.
If the golden crossover attracts buyers, a breakout might be possible from the falling channel.
All-time High Soon for ZK Crypto?
$Zk https://t.co/majbhp401S pic.twitter.com/OanYS4wk6k
— Cihat Öztürk ツ (@CihatOzturk_) July 10, 2024
Based on a source on X, the ZK price chart has displayed a dip and reached an all-time low of $0.131 on July 05, 2024. It has recovered recent losses and triggered a pullback. If the price surpasses the $0.200 hurdle, buyers may lift the price to an all-time high.
ZK Price Molded a Flag and Pole Pattern on a 4-H Timeframe
In a 4-H time frame, the zkSync crypto price has formed a ‘flag and pole’ pattern, and the price has declined. Currently, the price has extended to the upper trendline.
Suppose the ZK crypto price triggers a breakout from the trendline and sustains outside; buyers might get attracted. During this scenario, the zkSync price may record a new all-time high if trading volume supports.
On the other hand, if the ZK price fails to trigger a breakout, sellers may continue the trend and record a new all-time low soon.
Technical Analysis of ZK Crypto Price on 1-D Timeframe
At press time, the zkSync crypto was being tarded at $0.163 with a neutral momentum in the past 24 hours. The market capitalization was $597.84 Million, and the 24-hour trading volume was $133.69 Million.
The circulating supply is 3,675,000,000 ZK, and the total supply is 21,000,000,000 ZK. The zkSync crypto has diluted 17.50% of the total supply in the open market.
The chart structure suggests that the buyers have failed to reach the last swing high. After a pullback, the ZK price is heading for the last swing but facing resistance from the 20-day EMA.
The price has formed a hammer candlestick at the bottom, which might attract big players. If the digital asset price surpasses the 20-day EMA, buyers may become interested and lift the price to a new all-time high.
On the other hand, buyers may panic if the ZK price faces resistance from the 20-day EMA. If the chart forms a bearish candlestick near the 20-day EMA, selling pressure can be experienced.
ATH or BloodBath?
ZK crypto price, it appears that there are indications of a potential bullish trend. The formation of a hammer candlestick at the bottom and the possibility of a breakout from the falling channel suggest an optimistic outlook for ZK crypto.
However, it’s important to consider that resistance from the 20-day EMA could lead to selling pressure.
Technical Levels
Based on the chart structure, the ZK crypto price is expected to face resistance from the $0.190 and $0.230 levels. The price may take support at the $0.145 and $0.130 mark.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
