ZKsync (ZK) Turns to $0.11447 for Support
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Zksync’s (ZK) overall outlook against the United States Dollar remains bearish since the $0.14325 test at the upside of the Bollinger band. The pair heads for the lower band to seek support at $0.11447. The current price action near this level suggests potential recovery or further movement to the south.
The overall trend of this market is bearish, and there has been a 1.67% decline in price from the previous session. Also, the trading volume of the pair appears to be decreasing. This suggests sellers are exhausted or buyers lack buying interest.
The highest point attained by the pair today is $0.11943. Since then, the price has been experiencing a decline, displaying a bearish sentiment. However, the Stochastic Relative Strength Index (RSI) suggests the pair is the oversold region. This indicates that ZKsync might rebounce to the upside if buyers swing into action.
The pair’s price is near the dynamic support level of the Bollinger band; it is important to see how the price bounces to the upside if significant buying pressure is pumping into the market. Otherwise, further testing of other support lines becomes a reality. The present price of ZKsync remains $0.11800.
Technical Indicator
Major Resistance Levels: $0.12886, $0.14325, and $0.15000
Major Support Levels: $0.11447, $0.11000, and $0.10000
ZKsync (ZK) Technical Indicator Analysis
The activities of ZKsync near the lower band are critical. More bullish interest is needed to push the pair upward. If bullish traders restrain their interest in the coin, the pair may break the immediate support line to test other support lines.
However, the Stochastic RSI suggests an oversold condition for the pair and that a retracement or consolidation is at least possible for the pair. If this scenario plays, ZKsync could be heading towards the middle band. Otherwise, further decline might play out.
ZKsync: Expectations
In the short term, ZK/USD may test the middle band at $0.12408. If it pierces through with strong momentum, an upward movement is possible.
However, the Stochastic RSI signals the pair is in an overbought region; once a bearish movement is confirmed, a continuous downtrend may play out. Otherwise, the opposite may be the case.
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