ZKsync (ZK) Is Still Under Pressure

The price of the ZKsync token has recorded a modest increase of just 2.81%. Despite this, price action remains largely downwind and under significant pressure. More details about the market are outlined below.

ZK Statistics

Current Price: $0.02906

Market Capitalization: $306.77M

Circulating Supply: 10.61B

Total Supply: 13.96B

CoinMarketCap Rank: 125

Key Levels

Resistance: $0.0300, $0.0350, $0.0400

Support: $0.0290, $0.0250, $0.0200

ZKsync Rebound Goes Through the 9-Day EMA

The ongoing session in the ZK is represented by a green price candle. Although this candle shows an upper shadow, indicating some price compression, it still keeps the token trading just above the 9-day Exponential Moving Average (EMA).

While price action remains above the 9-day EMA line, the Stochastic Relative Strength Index (SRSI) indicator lines maintain a slight upward trajectory but are converging near their terminal point. This suggests that downward pressure is beginning to take modest effect.

ZK Bulls Get Pressured to Yield

On the ZKsync 4-hour price chart, price action has moved above the 9-day EMA curve. The most recent price candle shows notable compression, resulting in a long upper shadow.

Nevertheless, trading remains above the 9-day EMA curve, offering short-term optimism for bullish traders. At the same time, the SRSI indicator lines continue to rise steeply following a crossover.

As a result, there may be short-term upside potential toward the $0.03100 price level, but the token may eventually descend lower toward the $0.02800 price level considering the general trend.

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