zkSync Price Analysis: Can ZK Reclaim All Time High This Month? zkSync Price Analysis: Can ZK Reclaim All Time High This Month?
As per the analysts, zkSync has reclaimed the bullish territory and is poised to Show Gains Further.
The transaction volume has surged by 35.98% indicating a heightened demand in ZK price.
zkSync price is on a three day gaining streak and has reclaimed the bullish territory. The bulls made a strong comeback from the lower levels as the price made an impressive run of nearly 21% a week.
Earlier, ZK price noted a sharp rejection from the record highs of $0.309 and slumped shifting short term trend towards bearish side. The weakness in the broader market added more to worse and thus falling towards a record low of $0.131.
However, The bulls made a strong comeback amid the broader market recovery in the last couple of weeks. The price surged nearly 30% and entered positive territory above $0.187. Now, what's next for zkSync, will it continue to rise or suffer from the CMP.
zkSync Still 37% Lower From ATH
Despite gaining over 30% in the last couple of weeks, zkSync price still lies nearly 37% below it's All time high. At the time of writing, ZK price was hovering close to $0.197 recording a positive development of nearly 3.7% a day.
Moreover, the recent sessions have noted a rise in demand that could keep fueling the price to keep soaring higher. The transaction volume has surged by 35.98% as per the coinmarketcap.com.
The daily transaction volume has surged to $173.9 Million a day indicating a heightened demand. Additionally, the volume to market cap ratio was 24.03% suggesting a high volatility.
zkSync is a Layer-2 protocol designed to enhance Ethereum's scalability using advanced zero-knowledge (ZK) technology. Apart from boosting Ethereum's throughput, It aims to uphold core principles of freedom, self-sovereignty, and decentralization at scale.
Can zkSync Continue to Soar Higher or Decline Again?
The last couple of weeks saw a strong recovery reaffirming the confidence of the investors. The price surged nearly 30% from $0.14 to $0.18 and claimed a positive territory.
The increased transaction volume and volatility points to a bullish continuation in the short term. As per the analysts, ZK price may keep forming a higher low pattern on the charts and may reclaim All time high of $0.30 level.
The price lies above the 20 day EMA indicating a positive outlook ahead. Also, the RSI at 58.4 and above the SMA line at 44.5 highlights a positive trend prevailing. Additionally a bullish divergence was observed on the charts adding validation to a trend continuation.
Can zkSync Reclaim ATH?
zkSync price has surged over the past three days, reclaiming bullish territory with a 21% weekly gain. After a sharp drop from its high of $0.309, the recent demand has driven the price up by 30% to $0.18. Additionally, the transaction volume increased by 35.98%, reaching $173.9 million daily, indicating strong demand.
Furthermore, Analysts suggest a bullish continuation, with the price potentially reaching its all-time high of $0.30. The price is above the 20-day EMA, and RSI at 58.4 supports a positive trend, with bullish divergence observed on the charts.
