ZBT has demonstrated very strong buying momentum when it broke out to the upside, and its price surged to 0.0997, recording a massive 36.38% increase in value in a single trading session. There has been a significant increase in volatility in the market.
The price action shows a clear break above the range in ZBT. It has caused the resistance area to turn into a short term support zone in the 0.073-0.076 area. This represents the first area the buyers will be defending in the event of a retreat. The pace of this break indicates aggressive over-the-counter buying as well as amplified trading in the perpetual market.
Momentum indicators are more in favor of continuation of trends and less towards exhaustion at this point. Though the rally is extended in the short term, indicators are not pointing clearly towards distribution at this point in time. A buying pressure trend is likely to be sustained in all probability unless breached below the breakout base.
However, on the positive side, if support can be maintained above 0.10, this could pave the way towards the next psychological level at 0.115 to 0.12, where some profit-taking activity could occur. Failure to support 0.09 would be the first indicator that momentum is losing steam, and a potential re-test of the breached zone could occur before another directional outcome is realized.
In summary, ZBT is technologically strong, with the trend configuration supporting buyers, though volatility expansion may indicate bigger movements.
$ZBT #ZBT
