#zkSync ’s native token ZK has formed an ascending symmetrical triangle. If zkSync price can sustain the $0.1880 level, it could move up to $0.21 or $0.22.
At the time of writing, zkSync is trading at $0.1863, just below that support level. According to the data, it has fallen 5.2% in the past 24 hours, but is up 11% in the past week and 26.4% in the past two weeks. Its monthly value is also trending upwards.
What does this triangle mean?
An ascending symmetrical triangle is usually formed during a trend, in this case a bull market. It is characterized by a series of higher lows and lower highs that form a triangle on the price chart.
If the pattern forms during an uptrend, it is often considered a continuation pattern. This means that once ZK exits the triangle, the zkSync price is likely to break out to the upside.
A break below the lower trendline would indicate a bearish breakout, signaling a possible decline.
As a triangle forms, the volume usually decreases. This is also the case with ZK. Its trading volume in the past 24 hours is $213,083,335, which is 8.30% lower than yesterday.
Oscillators suggest “sell”. The Stochastic Oscillator is currently at 84.6228. When the %K value is above 80, the asset is overbought. While this does not mean that it will reverse immediately, it shows that the zkSync price is relatively high compared to the recent period.
This value represents the current %K value, which is 84.6228% of the latest closing price from the lowest price to the highest price in the past 14 periods. In the overbought area, the %K line crossing the %D line may indicate a potential selling opportunity. Conversely, in the oversold area, the %K line crossing the %D line may indicate a buying opportunity.
Although ZK lost the $0.188 support level, the analysis remains bullish on the coin. Technical indicators suggest this is a strong buying opportunity.
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