ZIG trades at $0.1010 with minor daily decline of 0.07% and support at $0.09.
Market cap stands at $142.32 million, while 24-hour trading volume dropped 37.03% to $4.37 million.
Key resistance levels are $0.11 and $0.179, with a potential target of $0.20 if momentum increases.
ZIGCoin (ZIG) is now trading at $0.1010, reporting a minimal daily decline of 0.07%. Despite the minimal decline, the price action remains in a broader bullish pattern visible on the daily chart. The recent price action shows that ZIG has been consolidating after the breakout from a declining wedge pattern earlier this year.
The chart also indicates a deviation pattern near the $0.09 region, which has been a pivot region for recent price action. Although price momentum is starting to exhibit signs of stabilization, the focus is on whether ZIG has enough to continue to push to its next target levels.
Market Performance and Trading Activity
The market cap of ZIGCoin is currently at $142.32 million, a drop of 0.07% in the last 24 hours. The trading volume has significantly dropped, with 24-hour volume at $4.37 million, down 37.03%. The volume-to-market-cap ratio stands at 3.09%, indicating modest trading intensity compared to previous trading sessions.
Source: CoinMarketCap
The drop in volume suggests that the market may be waiting for a more pronounced breakout in price before initiating new positions. The market may be conserving its energy for a more significant price action.
Technical Levels and Price Structure
The day chart shows the powerful area of resistance at $0.11, identical with the green marked area on the chart. A good break above this region would keep the door open to $0.179, the next big target.
https://twitter.com/FriedrichBtc/status/1946431754342142290
Beyond this, the $0.20 has been perceived as a psychological level, and analysts suggest a possible move to $0.50 in case the momentum receives a boost. On the downside, $0.09 continues to be a good support, holding short-term declines back.
ZIG Holds Near $0.10 as Traders Watch for Volume Confirmation
ZIG is also slightly weak in terms of daily performance, but the larger picture is promising, as the breakout indicates earlier-stage consolidations. It is important to note that the falling wedge formation at the beginning of this year marked the earliest signs of a possible upwards momentum.
As the price trades around the $0.10 level, traders are keenly observing to see volume increase, a development that would validate the price to move further up to the higher resistance. Provided that price does not manage to sustain above the $0.10 mark, the test of the $0.09 support point may continue in the short term.