The Zebec Network Price Surge
The Zebec Network (ZBCN) has experienced a significant price increase of 20% in the last day, driven by the revelation that its top executives will present at the House of Lords in the UK Parliament on July 10. This scheduled appearance has sparked market enthusiasm and potential upward momentum that could see the token reaching a value of $0.0040.
Executive Presentation Details
The invitation to the Palace of Westminster, where COO Simon Babakhani and Head of M&A Neal Padhye will engage with Members of Parliament, regulators, and industry experts, is part of a discussion focused on crucial themes such as compliance, regulations surrounding blockchain technology, and whistleblower protections.
Price Movement Analysis
The announcement made on July 7 led to a rise in ZBCN’s price from an initial value of $0.0027243, culminating in an intraday peak of $0.0030977 on July 9. This movement represented a notable surge of approximately 13%.
The price trajectory aligns with the upper trendline of a falling wedge pattern that has formed since late May, notably on the 4-hour chart. The strengthened trading volume during this rally adds robustness to the bullish indicators observed as the price nears the apex of the wedge.
Current Trading Status
Currently, ZBCN is experiencing a slight pullback and is trading around the $0.0029 mark. For a significant breakout to materialize, it is crucial for the price to maintain support above a recent higher low close to $0.0024 and successfully breach the wedge’s resistance level, positioned at about $0.0031.
Future Price Projections
A confirmed breakout could set a target range between $0.0035 and $0.0040, an area previously marked by repeat rejections from late June to early July, now identified as a critical supply region for traders looking to realize short-term profits.
Should the price sustain above the $0.0040 threshold, it may pave the way for upward movements towards $0.0046 to $0.0050, coinciding with earlier swing highs. Conversely, if ZBCN fails to exceed the wedge’s resistance, it might remain encapsulated within its current pattern. A dip below the lower trendline of the wedge would invalidate the current bullish setup and signal a potential bearish trend within a descending channel.
