ZKsync (ZK/USDT) Poised for More Upside Gains Amid Growing Bullish Momentum
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The market for Zksync against the Tether has endured a prolonged downtrend, gradually transitioning into a tightening sideways movement. However, in recent times, the pair has witnessed a potential breakout attempt as the price shifts marginally from the lower Bollinger band to the top, supported by the increasing momentum and the Stochastic RSI.
To this end, with the bulls stepping in and volume increasing, the pair must break above $0.0750 to confirm a true trend reversal. If the bullish momentum is sustained, ZKsync might see a decent upside movement soon.
Currently, Zksync trades at $0.0612, with 30.34 million traded volumes for the day already.
Technical Indicators
Major Resistance Levels: $0.0660, $0.0750, and $0.0900
Major Support Levels: $0.0590, $0.0520, and $0.0450
ZkSync Technical Analysis
The analysis of Zksync against the Tether on the daily chart shows the pair is preparing for an upside movement as the bullish efforts seem to be moving the market to the north. However, the Bollinger Bands appear to be tightening, suggesting an impending strong bullish move if momentum holds.
On the other hand, the Stochastic RSI signals an overbought condition, with the lines stretched directionless to the right, suggesting a cool-off at the extreme part of the overvalued zone.
To this end, for the pair to flip the market bullishly, a move above $0.0750 and good volume must be recorded; otherwise, a break below the current price might suggest a further downtrend.
ZK/USDT Analysis: What’s Next?
On the 4h timeframe, the pair appears to be experiencing more bullish attention as the price soars with increasing volumes. However, as the pair approaches $0.0618 resistance even with expanding bands, the ZK/USDT might see more gains soon.
From another angle, the Stochastic RSI shows the lines are approaching the overbought zone, signaling the pair has room for more improvement to the north. To this end, if momentum holds above $0.0618, a move above $0.0773 could be recorded.
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