Zebec Network price held steady on Friday after the developers published the monthly report that demonstrated some modest growth. The ZBCN token was trading at $0.0047, a few points above this week’s low of $0.0040 and 507% above the lowest level this year.
Zebec Network Growth Continuing
The latest data showed that the Zebec Network platform was seeing modest growth across its two businesses.
Zebec Cards, which comprises the Black, Silver, and Carbon cards, handled transactions worth $53.2 million in July, a 2% increase from the previous month. The number of issued cards rose by 2% to 12,130.
The report showed that Zebec has 232 enterprise clients in its payroll business. These companies had 11,900 employees, and their transactions jumped to $44 million in July.
These numbers, while good, show that the momentum is not accelerating. Zebec cards handled $52 million in June, while the number of employees served in its payroll services rose by just 200. The amount of money handled in June was $42 million.
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The other notable Zebec Network news is that it partnered with World Mobile to build a decentralized mobile system that will unlock private, borderless access to money. The system will be integrated with Zebec’s cards.
Meanwhile, market data shows that Zebec Network’s demand is slowing. According to CoinGlass, data shows that its futures open interest has dropped to $11 million from a peak of $30 million in June. Falling open interest and spot volume are signs of waning demand from investors.Â
ZBCN Price Technical Analysis
Zebec Network price chart | Source: TradingView
The daily chart shows that the ZBCN price bottomed at $0.0006875 earlier this year and then surged as it became more popular among investors. It jumped by 945% to its all-time high of $0.00720 in May and has now pulled back to $0.0047.
Zebec Network price remains above the important support at $0.003360, its highest point in April. It has also moved above the 50-day Exponential Moving Average and has formed a falling wedge pattern.
Therefore, the token will likely bounce back and possibly retest the important resistance level at $0.006070, its highest level this month. A move above that level will point to more gains, potentially to the all-time high of $0.00720, which is about 51% above the current level.
A drop below the support at $0.0040 will invalidate the bullish Zebec Network price forecast and point to more downside.
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