ZKsync Market Analysis – June 24
ZKsync recently confirmed a major bearish break of structure, reinforcing its overall long-term bearish market sentiment.
ZKUSD Key Levels
Support Levels: $0.04200, $0.02900
Resistance Levels: $0.06000, $0.08200
ZKUSD Long-Term Trend: Bearish
After testing the $0.04200 demand level, ZKsync experienced a temporary bullish momentum. However, this upward move merely formed another lower high in the broader bearish trend, peaking around the $0.08200 level. Following this lower high, price resumed a significant downward movement, eventually breaking below the previous market structure — a clear signal of continued bearish control.
Although price momentarily dipped below the $0.04200 demand level, it found sufficient support to generate a temporary bullish reaction. This bullish momentum appears to be a corrective move — a retracement in response to the bearish break of structure.
The daily Relative Strength Index (RSI) currently places the market in the oversold territory, which further supports the potential for a retracement. Price is expected to pull back toward a nearby daily order block before potentially continuing its bearish trajectory.
ZKUSD Medium-Term Trend: Bullish
In the medium term, the 4-hour timeframe shows a recent shift in trend structure. A previous 4-hour bearish movement has now been invalidated by a bullish breakout, signaling a short-term bullish trend. This shift aligns with the expected retracement phase of the higher timeframe.
However, the 4-hour RSI is approaching the overbought zone, suggesting that a minor bearish pullback may occur soon. This pullback is likely to retest a previously broken bearish trendline before price resumes its upward move toward the daily order block.
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