- The price increase occurred after the asset broke out of the accumulation channel where it had been trading for several days.
- Currently, a strong support level on the chart indicates that ZEREBRO may climb higher, potentially reaching 0.80 USD or more.
ZEREBRO has shown an impressive upward trend, increasing 67.92% in the past month and an additional 35.90% in the past 24 hours. Its current market capitalization stands at 541.6 million USD.
While these gains may suggest that ZEREBRO is nearing its peak and could potentially correct, the analysis by TinTucBitcoin indicates that the asset remains bullish and has the potential to rise even higher.
Is ZEREBRO ready for the next price surge?
ZEREBRO's recent price surge stems from the asset breaking out of a large accumulation channel that had been in place for weeks, starting from November, pushing it higher on the charts.
Typically, this breakout signals a push towards a 0.64 USD peak, but the asset is currently consolidating at the 0.55 USD level. The analysis suggests two viable paths for ZEREBRO: reaching the 0.64 USD peak or climbing even higher to around 0.80 USD to 1 USD.
In the latter scenario, as illustrated in the accompanying chart, ZEREBRO would first need to retrace to the 0.497 USD support level. A recovery from this level could propel the asset to the 1 USD mark, potentially increasing its market capitalization beyond 1 billion USD.
To assess the likelihood of the uptrend's sustainability, TinTucBitcoin has analyzed the key technical indicators, confirming that the price speculators remain actively engaged.
Accumulation could drive ZEREBRO higher
Currently, ZEREBRO's Accumulation/Distribution (A/D) indicator shows a period of accumulation, confirmed by an ascending resistance level.
The A/D indicator combines price and volume to assess the market's direction. When the trend is rising along with price movement, as seen here, it indicates strong demand for the asset.
To confirm the directional trend, the Average Directional Index (ADX) has been analyzed. ADX measures the strength of a price trend.
When the asset's price is rising along with an increasing ADX, it indicates a strong uptrend. For ZEREBRO, the ADX at 42.62 reinforces this positive outlook, suggesting the asset may climb higher from the current price level.
The on-chain data also aligns with this trend, showing an increase in the activity of derivative traders in the market.
Derivative traders open long positions
ZEREBRO has witnessed a surge in long-term contracts in the derivatives market. At the time of writing, the Funding Rate stands at 0.0320%, reflecting an increasing bullish sentiment among traders.
Rising funding rates typically indicate an optimistic market, as long-term traders (buyers) are willing to pay a fee to maintain their positions.
This reflects the confidence in the upward trend of ZEREBRO, with traders covering the price gap between the spot and futures markets.
If this trend continues, ZEREBRO may experience a temporary correction before a strong price surge or move directly towards a new all-time high.
