ZEREBRO has displayed a remarkable upward trend, registering a 67.92% increase in the last month and an additional 35.90% surge in the past 24 hours. Currently, its market capitalization sits at $541.6 million.
While these gains could hint at ZEREBRO nearing its peak with a possible retracement, analysis from CryptoCrypto suggests that the asset continues to exhibit a bullish stance, indicating further upward potential.
Is ZEREBRO Poised for Further Growth?
The recent surge in ZEREBRO traces back to its breakout from a prolonged consolidation phase that extended from November, leading to a substantial rise in its value.
ZEREBRO’s breakout typically signals a movement towards a peak at $0.64, though it is currently pausing at $0.55. Analysis points to two likely scenarios for ZEREBRO: either hitting the $0.64 mark or advancing further into the $0.80–$1 range.
In the latter case, depicted in the accompanying chart, ZEREBRO would first need to retreat to a support level around $0.497. Rebounding from this point could propel the asset towards $1, potentially surpassing a market capitalization of $1 billion.
To evaluate the probability of sustained bullish momentum, CryptoCrypto examined key technical indicators, affirming the continued dominance of the bulls.
Increasing accumulation might drive ZEREBRO to new heights
Currently, ZEREBRO’s Accumulation/Distribution (A/D) indicator illustrates an accumulation phase, supported by an upward-trending line.
The A/D indicator combines price and volume to determine market direction. A rising trend line alongside price movements, as evident here, indicates strong demand for the asset.
For validating the directional bias, the Average Directional Index (ADX) was studied. ADX measures the intensity of a price trend.
When an asset’s price aligns with a rising ADX, it signals significant bullish momentum. ZEREBRO’s ADX reading of 42.62 reinforces this optimistic outlook, hinting at further potential growth from its current price level.
On-chain metrics also substantiate this trend, showing heightened engagement among derivative traders in the market.
Derivative traders favor long positions
ZEREBRO has observed a surge in long contracts within the derivatives market. Currently, the Funding Rate stands at 0.0320%, indicating a rise in bullish sentiment among traders.
A growing funding rate commonly signifies a bullish market, showcasing buyers’ willingness to pay a premium to sustain their positions.
This reflects traders’ confidence in ZEREBRO’s upward momentum, as they bridge the price gap between the spot and futures markets.
If this trajectory persists, ZEREBRO could undergo a temporary decline followed by a substantial rally or head directly towards a new all-time peak.