Zebec Crypto Fails Recovery Attempt Amid Bitcoin Volatility

Zebec Network [ZBCN] attempted a recovery on Monday, 16 June, with the $0.00395 support level holding firm for a week. The bulls leveraged Bitcoin’s surge to $108k to try and establish an uptrend. However, Bitcoin’s subsequent decline led to a retreat by ZBCN bulls. Despite this, the 1-day chart maintained a bullish swing structure for Zebec crypto. Key support levels identified through Fibonacci retracement include $0.00395, $0.00318, and $0.00209. The 50% level has acted as a demand zone, encouraging buying, but demand has slowed significantly over the past two weeks. The On-Balance Volume (OBV) has been moving sideways, with daily trading volume decreasing after the rally to $0.0072 in late May.

The Chaikin Money Flow (CMF) remained above +0.05, indicating capital inflows favoring the bulls, although this has slowed down in June. The Supertrend indicator continues to signal a buy. However, if volume trends do not recover, it may be challenging for Zebec crypto to sustain trading above the $0.00395 support level.

Over the last ten days, ZBCN has traded within a range from $0.00392 to $0.005. The 4-hour chart showed a rejection at the range high on Monday, followed by a drop below the mid-range level at $0.00448. Moving averages indicate a shift from bearish momentum to a sideways trend after nearly two weeks of range-bound price action. The OBV also shows a range, currently sinking towards the previous week’s low, indicating heightened selling pressure over the past 24 hours. The CMF has sunk to -0.01, showing no significant capital flows into or out of the ZBCN market.

Overall, the range low should be defended. The daily and 4-hour charts do not show overwhelming selling volume. If Bitcoin can stabilize its descent below $105k, Zebec crypto traders could remain confident of a recovery from the $0.00395 support. The bullish trajectory on the 1-day chart, despite the failed move on Monday, suggests that Zebec crypto may still have potential for recovery. The short-term range formation on the 4-hour chart indicates that traders might consider long positions if the support holds.