A series of mass liquidations and on-chain liquidity withdrawals have caused the ZKJ cryptocurrency price to plummet dramatically.
Reaching the milestone of 0.4 USD could be the beginning of a recovery, but investors need to consider the overall picture.
The price of Polyhedra Network [ZKJ] dropped as much as 81% on June 15, free falling from 1.95 USD to 0.35 USD in just two hours, due to a series of unusual on-chain block transactions, according to an explanation from Polyhedra Network in a post on X.
This network has reassured the community about its solid foundation, but the recent shock has severely shaken investor confidence.
Binance also confirmed that this decline is due to large holders simultaneously withdrawing on-chain liquidity, causing a chain reaction of liquidations across the market.
Some investors believe that this event may be related to the unlocking of 15.5 million ZKJ on May 29.
There are also allegations of manipulation from Polyhedra, but so far major platforms have not confirmed this.
Short-term target for ZKJ cryptocurrency
Source: ZKJ/USDT on TradingView
Extreme volatility, new resistance zone formed
On June 15, extremely negative price action was recorded, making recovery expectations fragile. Technical analysis is only for reference in this context.
Currently, the 1-hour chart shows that bears still dominate. Although the price has just surpassed the lower peak at 0.4 USD, the DMI indicator remains strong.
Positive signals from cash flow and trading volume
The A/D indicator has been flat for the past 24 hours, while forming higher lows, suggesting that buying pressure is slightly improving compared to selling pressure.
This is a sign that raises expectations for a trend reversal; however, volatility still poses significant risks for investors.
Source: CoinGlass
Liquidation map: Price hotspots in the last 24 hours
The liquidation heatmap data in the last 24 hours shows that the 0.35 USD and 0.39 USD zones have become magnet areas for orders.
The 5-minute chart above shows a clear bearish trend, but is only suitable for scalping traders, not suitable for long-term holders.
Future scenarios & recommendations for ZKJ holders
The next developments of Polyhedra Network and the decisions of holders will play a key role in the short term. Investors and traders should patiently wait for more recent information and avoid making hasty decisions with ZKJ amidst this strong volatility.
Source: https://tintucbitcoin.com/zkj-giam-soc-040-usd-du-luc/
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