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ZSync (ZK) Price Prediction 2024 – When will ZK hit $1?

ZSync Price Prediction 2024
Rex John Walsh Written by
Rex John Walsh
Sangram Mohanta Fact checked by
Sangram Mohanta

Last Updated on July 6, 2024 by TOP FOREX BROKERS REVIEW

zkSync Era, a Layer-2 protocol on Zero-Knowledge (ZK) cryptography, is scaling the Ethereum network. Its objective is to maintain Ethereum's fundamental principles of decentralization, self-sovereignty, and freedom, regardless of the scale.

The developers of zkSync Era, Matter Labs, have recently disclosed a roadmap for ZKsync 3.0. A key feature of this enhancement is the "Elastic Chain," which is similar to Polygon's AggLayer, which was introduced in 2024. The focus is on improving ecosystem interconnectivity.

The cornerstone of ZKsync 3.0 is the v24 upgrade, released on June 7th. Despite its composition of numerous interconnected chains, users will perceive this Elastic Chain as a singular, seamless entity within the ZKsync ecosystem.

Zksync Basics

Matter Labs introduced the ZK Stack in 2023, a toolkit that enables developers to construct custom blockchains based on ZKsync's technology. These customized chains will organically connect through the Elastic Chain.

This method is consistent with a recent trend in blockchain technology that prioritizes the seamless integration of diverse ecosystems. Polygon, a competitor of zkSync Era, introduced a comparable concept known as "AggLayer" in January 2024.

Matter Labs has delineated three fundamental components of the Elastic Chain. The network's backbone comprises the "Shared Router" and the "Native Token Vault."

The second important component is the ZK Gateway, a middleware that facilitates interoperability within the ZKsync ecosystem by connecting the Ethereum blockchain to ZKsync's ZK chains.

zkSync Era is on the brink of becoming a significant participant in the Layer-2 scaling race. It is strategically positioned to attract developers and users interested in a blockchain experience that is user-friendly and secure while simultaneously upholding Ethereum's fundamental principles.

Zk-rollups are characterized by an on-chain component that maintains account balances and funds, while transactions are implemented on a distinct computational layer. Operators, also called nodes, accumulate user-submitted transactions and implement them off-chain. Subsequently, these operators produce cryptographic evidence, known as validity proofs, that mathematically ensure the precision of the state updates that result from the transactions.

These proofs are submitted to an on-chain smart contract and the most recent account state on the zk-rollup. 

Zk Sync Key Strength

This mechanism enables the immediate finalization of zk-rollup transactions upon verifying proofs on-chain. Users can withdraw funds without anticipating security challenges.

Zk-rollups considerably enhance transaction throughput because validity proofs are significantly smaller than full transaction data. Zero-knowledge proofs, which are not required to include the data they prove, can consolidate thousands of transactions into a proof that is only a few hundred bytes.

Zk provides the native blockchain's security guarantees and transaction finality. It can be reconstructed by anyone with access to on-chain data.

Withdrawing funds from zk-rollups is simple and cost-effective, as transactions are exclusively based on proof verification rather than fraud challenges. Additionally, compression efficacy results in substantial reductions in user transaction fees.

ZKUSDT Awaits To Form A Bottom

ZKUSDT Awaits To Form A Bottom

On the Bari side the ongoing down pressure is potent no sign of buyers activity is seen in that case reaction from the 0.1732 0.1800 increase the possibility of moving below the 1.0515 level and test the 0.1000 bottom.In the daily chart of ZKUSDT, the price soared significantly since its launch on Binance. However, due to profit-taking, the price couldn't sustain the buying pressure and experienced a notable downward movement.

Drawing the Fibonacci Retracement from the high of 0.2945 to the low of 0.0947, we find the 50% retracement level at 0.1946. Since the current price is trading below this crucial level, we may expect buying pressure to extend once a solid bottom is formed.

The most recent chart shows a sideways candle, with a swing low at the 0.1505 level. If strong buying pressure emerges with a daily candle closing above the 0.1946 level, it could validate the bottom and potentially create a long-term impulsive wave toward the 0.3000 area. On the bearish side, the ongoing downward pressure is strong, with no significant buyer activity observed. In this scenario, a reaction from the 0.1732 to 0.1800 levels could increase the likelihood of moving below the 0.1505 level and testing the 0.1000 bottom.

ZKUSDT Intraday Price Action Analysis

ZKUSDT Intraday Price Action Analysis

In the hourly chart, the current price is trading sideways near the short-term low of 0.1498. A bullish recovery is seen from this bottom but is not yet validated. Recently, the price moved above the cloud area with bullish pressure, creating a potential trend reversal opportunity.

In the indicator window, the Relative Strength Index (RSI) remains steady above the 50.00 level, aiming to move beyond the 70.00 area.

Based on the hourly price prediction, a bullish continuation with an hourly candle above the 0.1725 level could validate a long-term bullish opportunity, aiming for the 0.2220 resistance level.

On the other hand, the ongoing rectangle pattern could be a continuation opportunity. Immediate selling pressure below the cloud low, with an hourly candle below the 0.1562 level, could indicate a downward trend towards the 0.1000 level.

Is ZKUSDT A Buy?

Considering the key strength of this project, Zsync has a higher possibility of continuing higher above the current all-time high by the end of 2024. Moreover, a stable market above the 0.2200 level could signal an active buyers presence in the market, increasing the possibility of moving beyond the 0.5000 level by the end of 2025.


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