- A liquidation Cascade and motivation on the chain sent the prices of ZKJ Crypto that started.
- The movement Dan $ 0.4 can be the start of a recovery, but the larger whole must be considered
Polyhedra network [ZKJ] Crypto prices were reduced by 81% on June 15, from $ 1.95 to $ 0.35 in two hours after a series of abnormal transactions on chains, the Polyhedra network stated in a Post on X.
The network insured users that his basic principles remained strong, but the event will have shocked the faith of holders.
In another message, Binance stated That the enormous price fall was the result of large holders that remove the liquidity from the chains, causing a liquidation cascade on the market.
Some market participants thought it was likely linked Up to the 15.5 million ZKJ deflation on 29 May.
There were also accusations of false game aimed at Polyhedra, but large platforms did not confirm these claims.
ZKJ Crypto goals in the short term
Source: ZKJ/USDT on TradingView
The price promotion was catastrophic on 15 June and a recovery seemed out of reach. Technical analysis only had a limited scope, given the recent events.
First, at the time of the press, the price diagram of 1 hour showed that Beren were still dominant. Although the price stuck its head above a lower high at $ 0.4, the DMI remained strong.
The A/D indicator has moved sideways in the last 24 hours, but this came alongside slow, steady higher lows.
It reflected a somewhat increased purchase volume compared to the sale, but traders must remain careful with volatility.
Source: Coinglass
The 24-hour liquidation heat showed that the levels of $ 0.35 and $ 0.39 were the magnetic zones in the short term.
The graph above was the 5 -minute time frame, which meant a bearish bias, but was too low to consider for traders who are not scalp traders.
The Polyhedra network and the actions of holders are crucial, more than ever. That is why investors and traders have to wait for further news developments before they make decisions about ZKJ.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer