- Zebec crypto maintained its bullish trajectory on the 1-day chart, despite the failed move on Monday
- The 4-hour chart highlighted a short-term range formation
Zebec Network [ZBCN] saw an attempted recovery on Monday, 16 June. The $0.00395 support level had been a stout support for a week, and the bulls used Bitcoin’s [BTC] move up to $108k on Monday to attempt to establish an uptrend.
Source: ZBCN/USDT on TradingView
Bitcoin’s reset since then saw the ZBCN bulls beat a hasty retreat. On the 1-day chart, the swing structure of Zebec crypto was still bullish. The Fibonacci retracement levels highlighted the next key support levels, namely $0.00395, $0.00318, and $0.00209.
The 50% level has served as a demand zone, encouraging ZBCN bulls to buy more. And yet, the influx of demand has slowed down dramatically over the past two weeks. The OBV has been moving sideways too, with the daily trading volume trending south after the swift rally to $0.0072 in late May.
The CMF remained above +0.05, showing capital inflows were in favor of the bulls. However, it slowed down dramatically in June. It had been at a high of +0.35 earlier in the month. Also, the Supertrend indicator continued to flash a buy signal.
If the volume trends do not recover, it might be difficult for Zebec crypto to continue to trade above the $0.00395 support level.
Zebec crypto range signals potential long positions for traders
Source: ZBCN/USDT on TradingView
Over the last ten days, ZBCN has traded within a range (purple) that extended from $0.00392 to $0.005. The 4-hour chart revealed a rejection at the range high on Monday, followed by a steady drop below the mid-range level at $0.00448.
The moving averages showed that the previous bearish momentum had shifted into a sideways trend after nearly two weeks of range-bound price action. The OBV also exhibited a range. At the time of writing, it was sinking towards previous week’s low.
This indicated heightened selling pressure over the past 24 hours. The CMF has also sunk to -0.01, showing no sizeable capital flows into or out of the ZBCN market.
Overall, the range low should be defended. The D1 and H4 charts did not show overwhelming selling volume. If Bitcoin can steady its descent below $105k, Zebec crypto traders could remain confident of a recovery from the $0.00395 support.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
