As the cryptocurrency market experienced a notable downturn on Tuesday, investors may anticipate declining profits within their portfolios. The leading cryptocurrency, Bitcoin, encountered a significant drop of over 8%, concluding its daily trading session below the $62,000 threshold. This decline comes on the heels of Bitcoin's recent peak at a remarkable $73,750, marking a substantial 14% decrease within just six trading sessions.
Amidst the prevailing uncertainty gripping the cryptocurrency market, a ray of optimism emerges in the form of ZBU, a unique loyalty token, the native currency of the Zeebu ecosystem. Despite the overall market nervousness, ZBU showcases resilience as it navigates through the retracement phase. ZBU appears to be on a recovery trajectory, rebounding towards its previous all-time high.
At the time of writing, Zeebu's ZBU token is trading at $3.6, representing a 1% increase in the last 24 hours. CoinMarketCap data indicates that the trading volume is $27.2 million, and the market capitalization is $1.17 billion, which appears neutral.
Since its introduction to the market, the price analysis of ZBU token reveals a consistent uptrend. This upward trajectory reached its pinnacle on March 8th, hitting an all-time high at the $4.2 mark. Historically, the token has exhibited a retracement phase following such highs before embarking on new upward movements. ZBU is experiencing a retracement phase, which has declined nearly 13% from its peak.
Source: ZBU/USDT by Tradingview
The daily moving average has served as a significant demand zone for investors over the past year. Despite slipping below the 20-day moving average, ZBU has found support at the 50-day moving average during this retracement phase.
Notably, ZBU recently found support at the 50-day moving average, suggesting potential momentum for the token's price to surge to new heights. Amidst a sharp sell-off in the cryptocurrency market on March 19th, ZBU displayed bullish behavior, closing the trading session with a long-legged doji candlestick pattern. Investors may anticipate further gains in their portfolios if the digital token breaks out above the 20-day moving average.
Meanwhile, the Average Directional Index (ADX) is decreasing, signaling low volatility. This reduced volatility can bolster positive accumulation, potentially propelling the token towards the $4.0 mark before the weekend.
Technical Indicators Unveil Concealed Reversal Signals
Source: ZBU/USDT by Tradingview
The most reliable technical indicators, namely the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD), paint a favorable picture for the upcoming trading sessions.
Currently, the Daily RSI is finding support at the midline (50-mark), indicating the potential conclusion of the retracement phase. A subsequent rise in the RSI peak is poised to drive the price rally for Zeebu's ZBU token.
While the Moving Average Convergence/Divergence (MACD) is trending downward within the positive region, the histograms display subtle signs of reversal. Following a pattern observed previously, the diminishing red histograms suggest the imminent end of the retracement phase.
The retracement phase for Zeebu's ZBU token appears to have concluded, presenting a potential buying opportunity for investors in line with previous patterns. These technical indicators further bolster the trend reversal narrative, with RSI and MACD indicating signs of recovery for the next bullish move. Anticipations are high for ZBU to soar toward the $5.0 milestone by the month's end.
Also read - Zeebu Crosses $1 Billion Threshold in Telecom Transactions
