Will ZK Token Reach $1 Next Week?
The price of zkSync, a Layer-2 protocol for Ethereum, has dropped by over 16% to $0.2207 following a market correction. Its market cap now stands at $814.47 million, ranking it 79th by market cap, while trading volume surged 1232% to $1.29 billion.
**Price Prediction: Will Support Levels Hold?**
In the past week, zkSync's price fell by about 23%, ranging between $0.19 and $0.3, and has dropped 22% over the past 30 days. After its Binance listing and amid investor concerns over its initial token airdrop, the ZK token's value continued to decline.
On June 18, 2024, the overall crypto market slightly decreased by 1.37%, but trading volume rose by 98%. ZkSync's price may soon hit the support level of $0.21, and if the decline continues, it could drop to $0.2 or even $0.1. Conversely, a bullish momentum could push it back to $0.25, and potentially up to $0.4 or $0.5.
**Technical Indicators Show Bearish Momentum**
Technical indicators on a 4-hour chart indicate strong bearish momentum. The MACD line is below the signal line, the ADX is at 42.89 showing a strong trend, and the AO reflects a bearish sentiment at -0.8385.
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