ZkSync Price Forecast As ZK Launches Amid Crash: Is $1 Still Possible?

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ZkSync price forecast: ZK, a Layer-2 protocol designed to scale Ethereum, has experienced a significant price decline following a market correction. The price of zkSync sank more than 16% over the past day, trading at $0.2207 as of the US session on Tuesday. the cryptocurrency saw its market capitalization drop slightly to $814.47 million, making it the 79th largest by market cap. The 24-hour trading volume for zkSync soared by 1232% to $1.29 billion, reflecting heightened activity amid the price drop.

Over the past week, the price of zkSync has decreased by approximately 23%, fluctuating its trading range between a low of $0.19 and a high of $0.3. This decline is part of a broader trend that has affected zkSync prices over the last 30 days, with a dip of 22%.

As of Tuesday, 18th June 2024, the overall cryptocurrency market saw a slight decrease of 1.37%, bringing the market cap to $2.37 trillion. Conversely, trading volume surged by 98%, totaling $96.47 billion. ZkSync’s ZK token emerged as the day’s most trending and biggest declining crypto.

On June 11, ZK Nation heralded the imminent distribution of over 3.6 billion ZK tokens, set to be available to nearly 695,000 qualified addresses starting Monday. This announcement initially stirred investor dissatisfaction, casting a shadow over the token’s launch.

With the current bearish trend in ZK price intensifying, the cryptocurrency might soon touch the support level of $0.21. If the decline persists, zkSync’s valuation could decrease to $0.2, indicating a pivotal shift in market sentiment. Further pressure from sellers might push the price down to the $0.1 mark in the short term

Conversely, a resurgence in bullish momentum could propel zkSync back to the $0.25 mark. If buyers continue to dominate, ZK price could surge past $0.4 and reach $0.5 during the next bullish wave. Such movements underscore the high volatility and dynamic conditions of the zkSync market