Zebec Network's Price and Funding Rate Reduce: Is a ZBCN Collapse Imminent?
Zebec Network's Token Soars to Record High
Zebec Network's native token, ZBCN, has witnessed a spectacular nine-day rally, reaching a peak of $0.0055. This surge propelled ZBCN's market capitalization beyond $410 million, marking a staggering 600% increase from its monthly low.
Situated on the Solana network, Zebec Network is a payment utility platform that has gained traction recently due to escalating demand and increased liquidity. The platform's token has seen an unprecedented surge in open interest, which hit an all-time high of $12.27 million in futures trading. Most of this elevated activity was observed on prominent exchanges such as Bybit, MEXC, and Gate.
A spike in social media activity accompanied ZBCN's rise, with social volume reaching an unprecedented 7 on Monday – a marked increase compared to earlier this month. This intensified interest and heightened market sentiment may indicate a growing fear of missing out (FOMO) among retail traders.
The surge in ZBCN holders offers further evidence of the token's upswings. The number of holders has risen to an all-time high of 58,776, having previously hovered below 50,000 earlier in the month.
As a service provider focusing on various payment solutions like a Mastercard-enabled debit card and cross-border remittance tools, Zebec Network boasts a user base of over 50,000 active monthly users across 138 countries. With its recent acquisition of Paybridge, Zebec Network now assists more than 250 partner companies in streamlining and reducing the costs associated with payroll services.
A daily chart analysis shows ZBCN has exhibited a parabolic trend in recent sessions, breaching a crucial resistance level at $0.002137, which marked the upper boundary of a cup-and-handle pattern. This pattern typically signals a bullish continuation. However, the token's extreme overbought status – as indicated by the Relative Strength Index (RSI) of 90, and elevated momentum and stochastic oscillator levels – suggests a temporary pullback is possible.
Negative funding rates since May 21 might also foreshadow a forthcoming correction. Nevertheless, if a short-term drop occurs, a retest of the cup's upper boundary and potential resumption of the uptrend could follow. This "break-and-retest" pattern is often viewed as a bullish confirmation.
- The surge in ZBCN's price on the Solana network, a popular crypto finance platform, has led to an all-time high market capitalization of $410 million, indicating a massive 600% increase from its monthly low.
- Trading activity on exchanges like Bybit, MEXC, and Gate has significantly contributed to the unprecedented surge in open interest for ZBCN's token, reaching an all-time high of $12.27 million in futures trading.
- As the demand for Zebec Network's payment utility services grows, so does the interest in its native token, with social volume reaching a high of 7 on Monday, a significant increase compared to earlier in the month.
- With the number of ZBCN holders reaching an all-time high of 58,776, indicating widespread investing in this crypto token, and the token's parabolic trend breaking crucial resistance levels, ZBCN's future in the crypto technology landscape seems promising.
