Zebec Network has undergone a big reversal this month, erasing most gains made in late May. The ZBCN price has plunged by over 42% from its highest point this year, indicating it has entered a technical bear market. This article explores why it may bounce back as the profit-taking period ends.
ZBCN Price Technical Analysis
The daily chart indicates that the ZBCN token underwent a prolonged consolidation period between $0.00084 and $ 0.00154. This consolidation occurred between July 2024 and May of this year, suggesting that it was in the accumulation phase of the Wyckoff Theory.
It then entered the markup phase in May and surged by 930%, making it one of the best-performing coins. This phase is characterized by higher demand than supply.
It has now moved into the distribution and markup phases of the Wyckoff Theory. This decline is also part of a phenomenon known as mean reversion, which occurs when an asset’s price drops and then returns to its historical average.
Zebec Network price is also aiming to retest the support at $0.003375, its highest swing in April last year. Such a move would be a sign of a break-and-retest pattern.
Another bullish aspect is that the ZBCN price has formed a falling wedge pattern, comprising two converging descending lines.
The MACD and the Relative Strength Index (RSI) indicators have also pointed downwards. Therefore, the most likely scenario is where the Zebec Network price drops to $0.003375 and then rebounds, potentially to the year-to-date high of $0.007188. Such a move would be a 75% surge from the current level. A drop below the support at $0.003375 will invalidate the bullish ZBCN token outlook.
Zebec Network is Disrupting Finance
Zebec Network has some of the top fundamentals in the crypto industry. The developers have built a company that is disrupting key areas in the financial services industry.
Zebec Network provides payroll solutions to over 220 companies, serving more than 11,000 employees. Its Wagelink solution handles over $41 million in weekly transactions, helping employees receive their salaries as they work.
Zebec Cards is now available in 97 countries, and its growth is accelerating. It has issued over 11,000 cards and handles over $48 million per month. This growth is expected to accelerate after the company acquires Science Card, a company with over 50,000 users.
Additionally, Zebec acquired Gatenox, a platform that will aid in KYC and AML compliance as it bridges the gap between Web3 and Web2.
