Zebec Network (ZBCN) Price Has Gone Parabolic, Making It One of the Best-Performing Altcoins

Zebec Network price has gone parabolic in the past few weeks, making it one of the best-performing altcoins in the crypto industry.

Zebec Network (ZBCN) price has gone parabolic in the past few weeks, making it one of the best-performing altcoins in the crypto industry. The ZBCN token soared from a low of $0.0007027 on April 28 to a record high of $0.005328, a 656% surge that pushed its market cap to over $329 million.

Why Zebec Network Price Surged

Zebec Network is a Solana-based platform that seeks to disrupt the payments industry. It launched its Mastercard-enabled cards a few months ago. These cards enable users to spend their cryptocurrencies globally. According to Zebec Network's website, the platform has over 50,000 on- and off-chain users.

Zebec Network also entered the payroll industry through an acquisition. Its payroll solution has over 250 enterprise clients and handles over $1 billion in volume. It simplifies how employees are paid using blockchain technology.

The ZBCN price has jumped as the number of investors has rallied in the past few months, a sign of increased demand. There are now 60,000 ZBCN holders, a figure that may keep rising in the coming months.

We've officially crossed 60,000 holders - a HUGE milestone for $ZBCN & the entire Zebec community! 🙏Your belief in our mission fuels everything we build. From payroll to global crypto card access, we're just getting started. Thank you for riding with us on this journey! 🙏

Hbogo.id - Recent reports from analytics firm Glassnode indicate that the total futures open interest for ZBCN reached a record high of $17 million at the start of the week.

Soaring futures open interest is a sign of high demand from investors in the futures market. There are also risks that the ZBCN price will retreat soon as investors start taking profits. While the rising open interest is a good thing, in most cases coins start to reverse when it surges.

ZBCN Price Wyckoff Theory Points to a Plunge

Additionally, a risk that Zebec Network faces is based on the Wyckoff Theory. This is an approach that identifies the four stages that an asset goes through: accumulation, markup, distribution, and markdown. The recent surge was part of the markup phase, which is characterized by higher demand than supply.

There are signs that the Zebec Network price is now entering the distribution phase, which will be followed by a markdown as investors start taking profits.

Furthermore, the ZBCN price is likely to enter the fourth phase of the Elliot Wave pattern. The recent surge was part of the third phase, which is usually the longest one. This phase may pull the price to the 50% retracement point at $0.0030 before potentially resuming the uptrend.