⚡ ZKsync ($ZK) Sparking Today: Short-Term Relief or Real Breakout?
Today, ZKsync $ZK
is providing a much-needed green candle in a sea of red, pumping over 6.6% in the last 24 hours while the broader market faces pressure. After hitting deeply oversold levels (RSI near 26), we are seeing a classic technical rebound fueled by fresh ecosystem optimism.
🔍 Short-Term Analysis:
The primary driver behind today's move appears to be a technical recovery combined with positive sentiment from the Atlas upgrade and Ethereum Foundation's ongoing support for ZK-tech.
Resistance: The immediate hurdle sits at $0.0225. A clean hourly close above this could open the door for a move toward the $0.030 psychological level.
Support: Buyers are aggressively defending the $0.020 mark. If this holds, the "local bottom" might be in.
The Caveat: On-chain activity shows some caution as the market prepares for the ZKsync Lite deprecation later this year. Expect volatility as "fast money" traders scalp this bounce.
My personal opinion : The bounce is healthy, but until we reclaim the 50-day EMA, this remains a relief rally within a larger bearish structure. Trade with tight stops!
Not financial advice. Always manage your risk and #dyor #TradingCommunity