Zebec Network price jumped and formed a bullish engulfing candlestick pattern after the developers released the June report. The ZBCN token reached a high of $0.0035, representing an increase of over 53% from its lowest point in July of this year.
Zebec Network Monthly Report Points to More Growth
The Zebec Network ecosystem continued its strong growth in June. In a monthly report, the developers noted that the number of employees served by its payroll solutions jumped to 11,700, while the number of enterprise clients soared to 230.
Zebec Network is now handling over $43 million in payroll transactions each month. If the figure remains intact, it means that the company will handle over $513 million a year, which is a substantial figure for a recently launched startup.
Zebec’s payroll solutions utilize cryptocurrency technology to provide employees with quick payouts. This technology is also used by companies with employees worldwide to help them receive their pay on time.
Zebec Network’s card business continued to grow in June. Its issued cards jumped by 7% to almost 12,000, while the monthly card volume rose by 7% to $52 million. This growth was partly due to its recent acquisition of Science Card.
READ MORE: Dogecoin Price Prediction: DOGE is a Coiled Spring Ready to Pounce
The report was released a few days after the developers announced an expanded partnership with Uphold Institutional. Zebec committed to treasury management with Uphold, which now holds about $100 million in ZBCN tokens across retail and institutional wallets.
Recently, Zebec Network’s management participated in a congressional testimony before the UK’s House of Lords, which is considering crypto regulations.
ZBCN Price Technical Analysis
The Zebec Network price has been in a strong downward trend after peaking at $0.0071 in May to $0.002290 in June. It formed a bullish engulfing pattern on Friday, signaling a potential rebound.
The bullish engulfing pattern occurs when a large bullish candle covers a smaller bearish candle. It is one of the most popular bullish reversal signs.
The ZBCN price is also consolidating within the 50-day and 100-day Exponential Moving Averages (EMAs).
Therefore, the token will likely rebound and retest the key resistance level at $0.0040, its highest point this month. A move above that level will likely indicate further gains over time, potentially reaching $0.0050.
READ MORE: Here’s Why DEGE, Assemble AI, Caldera Crypto Are Going Up
