zkSync (ZKUSDT) 24-Hour Market Overview

Summary
• • Price rallied from 0.055 to 0.063 (+14.5%) but reversed to 0.061, forming a potential bearish engulfing candle on heavy volume.
• • Volume spiked 10x during the 0.062–0.063 surge, but turnover diverged as price fell post-peak.
• • Resistance at 0.0615 (prior swing high) and support at 0.0585 (50% Fibonacci retracement) define near-term ranges.

Market Overview

zkSync (ZKUSDT) opened at 0.0595 (12:00 ET-1) and closed at 0.0611 (12:00 ET), fluctuating between 0.0551 and 0.0630 over 24 hours. Total volume reached 68,549,102.5 ZKUSDT, with turnover (amount) at 4,062,300 USD.

Structure & Formations

The price tested resistance at 0.0615 (July 16’s early high) before pulling back to 0.0585 (50% Fibonacci retracement of the 0.055–0.063 swing). A bearish engulfing candle formed on July 16 at 08:00 ET, coinciding with a 7.6M ZKUSDT volume spike, hinting at short-term weakness.

Moving Averages

The 20-period MA (15-min) hovered near 0.0595, while the 50-period MA drifted lower to 0.0588, suggesting a bearish divergence. On a daily chart, the 50-day MA remains bearish below current prices, but the 200-day MA (not visible in 15-min data) likely provides distant support.

MACD & RSI

MACD dipped below its signal line on July 16, signaling fading bullish momentum. RSI oscillated between 55 and 65, avoiding overbought/oversold extremes but showing minor divergence during the 0.063 peak.

Bollinger Bands

Price hugged the upper band during the 0.062 rally but collapsed to the midline (0.0595) as volatility contracted. A break below the lower band (0.058) could signal further downside.

Volume & Turnover

Volume surged to 7.6M ZKUSDT at 08:00 ET (July 16), but turnover peaked earlier at 3.5M USD during the 0.063 high. This divergence suggests profit-taking outweighed buying pressure post-peak.

Fibonacci Retracements

A 38.2% retracement of the 0.055–0.063 move sits at 0.0595, while 61.8% aligns with 0.0575. A failed break above 0.0615 could target the 38.2% level next.

Outlook

ZKUSDT may consolidate near 0.0595, with resistance at 0.0615 and support at 0.0585. Watch for volume confirmation on a breakout; a sustained close above 0.062 could revive bullish momentum. Traders should remain cautious of volatility, as macro risks (e.g., market sentiment shifts) could amplify short-term swings.