🧠 Overview of the zkSync Project ZK)
zkSync is a Layer 2 solution built on zk-rollups technology aimed at improving scalability and reducing fees on the Ethereum network while maintaining security.
zkSync provides an EVM-compatible environment, making it easier for developers to deploy decentralized applications (dApps) quickly and efficiently.
The ZK token is used for governance, covering transaction fees, and participating in the consensus mechanism within its ecosystem.
📈 Technical Analysis
Current Price: Approximately 0.0691 with a 9.60% increase over the past 24 hours.
Trading Volume: Exceeded 47 million, indicating high trading activity and increased liquidity.
Technical Indicators: Breakout above the resistance level at 0.065, indicating the beginning of an upward trend.
Relative Strength Index (RSI) at 70, indicating overbought conditions.
Positive crossover in MACD, reinforcing bullish expectations.
🚀 Reasons for Recent Surge
1. Increased Interest in Layer 2: With the growing use of the Ethereum network, demand for Layer 2 solutions like zkSync has risen to reduce fees and improve speed.
2. Positive Media Coverage: The project has received extensive media coverage, attracting the attention of traders and investors.
3. Strategic Partnerships: Establishing partnerships with prominent projects in the DeFi and NFTs space, enhancing the use of zkSync and increasing demand for the ZK token.
Support Levels: Range between 0.065 and 0.068.
Resistance Levels: Range between 0.075 and 0.080.
If momentum continues, we may see a rise towards 0.085 in the medium term.