ZKsync Bullish Reversal Fails

Market Analysis – June 18

ZKsync price sunk to the seabed at $0.04030. In a lethargic manner, the bulls established a bullish structure shift characterized by a double bottom pattern. The reversal was short-lived, as the price has drained back to $0.04030.

ZKsync Key Levels

Demand Levels: 0.04030, 0.0300, 0.0200
Supply Levels: 0.08090, 0.10380, 0.16150

ZKsync Long-term Trend: Bearish

ZKsync price peaked at $0.27320 in December 2024. The market experienced a bullish impulsive motion after months of consolidation to reach the zenith price. The bullish impulse lasted from November to December before the price reversed.

Before 2024 concluded, the daily candles had sunk below the Moving Averages periods 30 and 50. The price initiated what would be a very long bearish phase. With decent and gradual bearish market structure, the price plunged over a few months to 0.04030 in April.

Once again, after a while, the Bull and Bear Power indicator revealed domination of the buyers. A Change of Character (ChoCh) formed after testing 0.04030. This coincided with the price push above the Moving Averages (periods 50 and 30).

ZKsync Short-term Trend: Bearish

Unfortunately, the buyers were not able to sustain the upthrust. The price has drilled back and is almost testing 0.04030, just by a few pips. The Moving Averages are once again above the price on the daily chart and the 4-hour chart. On the lower timeframe, 0.04030 appears to be the next decent target for crypto signals.

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