ZKP dropped 11.3% this week to $0.0827, trading below all moving averages, with an RSI of 28.7 indicating oversold conditions.
Smart money flows: Shorts account for as much as 79%, and 96% of shorts are in profit, which has triggered a high risk of liquidation above $0.0910.
Whale divergence: The derivatives market is experiencing significant sell-offs, while on-chain data shows that whales are systematically accumulating through small orders.
Support level observation: The key support level is at $0.0820; if this level is breached, it may trigger a chain reaction of declines, and volume indicates weak institutional interest.
Technical outlook remains weak
Price action: ZKP trading at $0.0827, down 11.3% this week, currently testing a short-term support at $0.0820, while resistance at $0.0850 remains solid.
Technical indicators: RSI at 28.7 (oversold), MACD still negative; prices consistently below the 7-day, 25-day, and 99-day EMA, further confirming the bearish trend.
Capital flow: Net outflow of $18,300 in the past hour, with no significant buy orders, indicating ongoing selling pressure and a lack of strong support in the market.
Shorts are dominating the market
Positioning: Short positions hold a dominant 79% of the market, with a long/short ratio dropping to 0.26, reflecting increasing bearish sentiment among traders.
Profit risk: 96% short position