The Zebec Network price has entered a bear market, declining by over 60% from its highest point this year. The ZBCN token was trading at $0.0028 on Wednesday, a few points above this week’s low of $0.0023. This price action has brought its valuation to $250 million.
Why ZBCN Price Has Crashed
The daily chart below explains why the ZBCN price has crashed lately. This chart shows that the coin remains in a tight range between July 2024 and May this year. It was largely stuck between the key support and resistance levels at $0.00085 and $0.001550, respectively.
This consolidation was part of the accumulation phase of the Wyckoff Theory. This phase is characterized by low volume and sideways movement, a sign that some smart money investors are buying.
Zebec Network then moved into the markup phase in late April. This phase is characterized by high demand and fear of missing out. This explains why it jumped by over 876% in under two weeks.
The ZBCN price then moved into the distribution and markdown phases, which explains why it has declined over the past few weeks. These two stages are usually characterized by low demand and panic selling among investors.
Looking ahead, the most likely scenario is one where the ZBCN price drops to the key support level at $0.0020 and then rebounds. This rebound is likely to occur due to investors buying the dip and will be triggered by a major catalyst.
READ MORE: XLM Price Prediction: Here’s Why Stellar Token Could Surge Soon
Potential Catalysts for the Zebec Network Token
Two main catalysts may push the ZBCN price higher in the coming weeks. First, the developers will host a Spaces event this week, during which they will outline the roadmap for the second half of the year. One potential announcement will be on the upcoming financial Super App.
Details of this Super App have not been released, but the developers will likely announce plans for a fintech app focused on payments. This app will likely consolidate all the services it offers, including payment cards and payroll solutions, onto a single platform. The app will likely have more payment solutions.
Second, Zebec Network may rebound due to the upcoming crypto bull run, which is expected to be triggered by Bitcoin’s surge to its all-time high, as Polymarket users anticipate. The Federal Reserve interest rate cuts will also trigger it.
READ MORE: Here’s Why Cronos Price Will Plunge After the ETF News Rally
