Zebec Network (ZBCN) extended its rally by a week, hitting a six-month high of $0.00399 before retracing. At press time, ZBCN was trading at $0.0037, up 17% on the daily charts.
The price rise was supported by a 25% increase in trading volume, reflecting increased market participation. Likewise, its market capitalization reached $397 million, crossing the top 100 mark, indicating an increase in capital flows.
The altcoin’s rally was fueled by rumors of a Zebec-Walmart partnership, as noted by Bmendo. Speculation has grown that Walmart could integrate Zebec Network to enable instant streaming payments for deliveries and shift work.
Zebec’s speculative buyers dominate the market.
Amid increased speculation, buyers rushed to the market to accumulate ZBCN. According to data from Coinalyze, the buying and selling volume on Kraken increased to 109 million, while the buying and selling volume on Bybit jumped to 144 million at the time of writing.
On Kraken, the altcoin recorded a positive buy-sell delta of 30 million, a clear sign of aggressive accumulation on the exchange.
Additionally, the altcoin’s Bulls to Bears (BvB) indicator remained positive over the past two months and reached 97. This indicator reaching such high levels shows strong bullish dominance, especially considering its prolonged holding.
At the same time, the trading volume between buyers and sellers reached 7.5 million, confirming the dominance of buyers in the market. Traditionally, a prolonged period of bullish dominance reinforces an asset’s bullish momentum, causing prices to rise.
Can ZBCN’s momentum hold?
Zebec has been on an upward path since partnering with Stellar on stable payroll infrastructure. This bullish momentum intensified after rumors of a partnership with Walmart hit the market.
With the influx of buyers, the altcoin’s Relative Strength Index (RSI) reached 76, closing in overbought zones at press time. The RSI reaching such high levels suggests complete dominance of buyers in the market.
At the same time, the altered DMI of the altcoin rose to 35, further confirming the strength of the trend. Combined, these two momentum indicators signaled the likelihood of a continuation of the trend.
If the trend continues, Zebec will reverse $0.004 and target $0.0045. In fact, the altcoin’s Spot Netflow has remained positive over the past week.
However, significant profit-taking is putting recent gains at risk. Such selling pressure often weakens the market structure and triggers a price decline.
So, if sellers continue to cash in, Zebec could fall to $0.0032, with $0.0028 as a critical support level.
Final summary
- Zebec gained 17%, reaching a 6-month high of $0.00399, before falling back to $0.0037 at press time.
- Zebec’s rally was largely driven by speculation regarding Walmart’s collaboration with Zebec’s Network.
