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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.
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? Read on to find out.
zkSync Still 37% Lower From ATH
Despite gaining over 30% in the last couple of weeks, zkSync price is nearly 37% below it’s all time high. At the time of writing, ZK was close to $0.197, recording a positive development of nearly 3.7% intraday.
Moreover, the recent sessions showed a rise in demand that could fuel the price further. The transaction volume has surged by 35.98% as per Coinmarketcap.
Daily transaction volume has surged to $173.9 Million intraday indicating 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 the core principles of freedom, self-sovereignty, and decentralization at scale.
Will zkSync Continue to Soar Higher or Decline Again?
The last couple of weeks showed a strong recovery, reaffirming investor confidence. ZK surged nearly 30% from $0.14 to $0.18.
Increased transaction volume and volatility points to a bullish continuation in the short term. As per the analysts, ZK may continue to form a higher-low pattern on the chart and may reclaim the $0.30 level as an all-time-high.
The price hovering above the 20 day EMA indicates investors have a positive outlook. Also, the RSI at 58.4 and above the SMA line at 44.5 suggests that a positive trend is prevailing. Additionally a bullish divergence was observed on the chart,validating the trend.
Can zkSync Reclaim ATH?
zkSync price surged over the past three days, reclaiming bullish territory with a 21% weekly gain. After a sharp drop from $0.309, the recent demand drove 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.