Zebec Network price has gone parabolic in the past few weeks, making it one of the best-performing altcoins in the crypto industry. The ZBCN token soared from a low of $0.0007027 on April 28 to a record high of $0.005328, a 656% surge that pushed its market cap to over $329 million.
Why Zebec Network Price Surged
Zebec Network is a Solana-based platform that seeks to disrupt the payments industry. It launched its Mastercard-enabled cards a few months ago. These cards enable users to spend their cryptocurrencies globally. According to Zebec Network’s website, the platform has over 50,000 users, both on- and off-chain.
Zebec Network also entered the payroll industry through an acquisition. Its payroll solution has over 250 enterprise clients and handles over $1 billion in volume. It simplifies employee payment using blockchain technology.
The ZBCN price has surged as the number of investors has increased in the past few months, a sign of growing demand. There are now 60,000 ZBCN holders, a figure that may keep rising in the coming months.
Another sign of rising demand was its futures open interest, which surged to a record high of $17 million at the start of the week. Soaring open interest is a sign of high demand from investors in the futures market.
However, there are risks that the ZBCN price will retreat soon as investors begin to take profits. While the rising open interest is a positive development, in most cases, coins tend to reverse when it surges.
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ZBCN Price Wyckoff Theory Points to a Plunge
Additionally, a risk that Zebec Network faces is based on the Wyckoff Theory. This approach identifies the four stages that an asset undergoes: accumulation, markup, distribution, and markdown. The recent surge was part of the markup phase, which is characterized by higher demand than supply.
There are signs that the Zebec Network price is now entering the distribution phase, which will likely be followed by a markdown as investors start taking profits.
Furthermore, the ZBCN price is likely to enter the fourth phase of the Elliot Wave pattern. The recent surge was part of the third phase, which is usually the longest one. This phase may pull the price to the 50% retracement point at $0.0030 before potentially resuming the uptrend.
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