ZetaChain (ZETA) has had a rough ride since its launch in January 2024. While the price increased for two weeks, reaching a new all-time high next month, the trend has reversed since, leading to a 93% decline and a new all-time low on March 11.
How long will the ZETA decline continue, and where are the possible areas for a reversal? Let’s examine the charts and find out.
The weekly time frame chart shows that ZETA has declined steadily since its all-time high of $2.87 in February 2024. While some bounces have been, they all led to lower highs and, eventually, lower lows.
The most recent was a six-month bounce starting in August 2024, which created an ascending parallel channel. ZETA then broke down from the channel, continuing its downward movement.
ZETA fell to a new all-time low of $0.182 on March 11, a decline of 93% since the all-time high.
Technical indicators do not show any signs of relief. The Relative Strength Index (RSI) just fell below 30, while the Moving Average Convergence/Divergence (MACD) is negative and has made a bearish cross.
So, the 3-day chart suggests the ZETA downward movement will continue.
Where Will ZETA Bottom?
The long-term wave count aligns with the bearish price action and indicator readings. According to the count, ZETA is in wave three of a five-wave downward movement that started in February 2024.
If wave three has the same length as wave one, the ZETA price will bottom at $0.117. The sub-wave count is in black, indicating that the price is in the final portion of wave three.
While the decline may also be an A-B-C correction, the severity of the drop makes it more likely that it is a five-wave downward movement.
Therefore, a strong bounce could occur at the $0.117 level, but another downward movement will still be likely, taking ZETA to yet another all-time low.
Because of the lengthy downward movement, reclaiming the $0.35 horizontal level will mean the bottom is in place, leading to a corrective structure. This currently seems unlikely.
No Bottom in Sight
The ZETA trend has been bearish almost since its launch. The downward movement shows no signs of slowing down. The next closest support level is $0.117, over 40% below the current price.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
