Zebec Network price jumped and formed a bullish engulfing candlestick pattern after the developers released the June report. The ZBCN token jumped to a high of $0.0035, up by over 53% from its lowest point in July, 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 in its payroll solutions jumped to 11,700, while 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 it will handle over $513 million a year, which is a good figure for a recently launched startup.
Zebec’s payroll solutions leverages the crypto technology to offer quick payouts to employees. It is also used by companies with employees globally to help them receive their pay on time.
Zebec Network’s card business also continued growing 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 because of its recent Science Card acquisition.
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The report came a few days after the developers announced an expanded relationship with Uphold Institutional. Zebec committed to treasury management with Uphold, which now holds about $100 million in ZBCN tokens across retail and institutional wallets.
Just recently, Zebec Netwok’s management took part in a congressional testimony in 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.
ZBCN price is also consolidating inside the 50-day and 100-day Exponential Moving Averages (EMA).
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 point to more gains over time, potentially to $0.0050.
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