{"id":478547,"date":"2024-02-06T18:30:19","date_gmt":"2024-02-06T18:30:19","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=478547"},"modified":"2024-02-06T18:30:19","modified_gmt":"2024-02-06T18:30:19","slug":"zetachain-price-prediction-zeta-plunges-16-as-analysts-say-this-bitcoin-cloud-mining-project-might-10x","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/zetachain-price-prediction-zeta-plunges-16-as-analysts-say-this-bitcoin-cloud-mining-project-might-10x","title":{"rendered":"ZetaChain Price Prediction: ZETA Plunges 16% As Analysts Say This Bitcoin Cloud Mining Project Might 10X"},"content":{"rendered":"

The ZetaChain price has plunged by 16% in the last 24 hours to trade at <\/span>$1.22<\/span><\/a> as of 8:30 a.m. EST.<\/span><\/p>\n

This steep correction comes after the token surged 121% in the past seven days.<\/span><\/p>\n

ZetaChain Price Prediction: Will ZetaChain Recover?<\/span><\/h2>\n

Analyzing 1-hour ZETA\/USDT charts, we see a downtrend as indicated by the red candlesticks and the SuperTrend indicator, which is in the bearish zone, with its line above the price action. This demonstrates selling pressure showing a bearish short term on the ZetaChain price.<\/span><\/p>\n

Additionally, the Average Directional Index (ADX) is at 40.70, which indicates a strong downward trend. On the other hand, the Klinger Oscillator values are negative, with the reading at about -47.904K, suggesting bearish momentum. The Klinger Oscillator is used to predict the direction of the trend. A negative value often indicates downward momentum.<\/span><\/p>\n

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1-hour ZETA\/USDT chart | Source: TradingView<\/a><\/p>\n

ZetaChain Price Prediction: What are the Chances of a Bullish Reversal?<\/span><\/h2>\n

The Relative Strength Index (RSI) is around 31.96, which is near the oversold threshold of 30. This could suggest that the asset might be undervalued or that a potential trend reversal could occur if the RSI starts to move upwards.<\/span><\/p>\n

Looking long-term, Zetachain’s remarkable rise in TVL over the last few days to $642K could also see the token re-enter a bull run as it shows increasing investor confidence.<\/span><\/p>\n

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ZetaChain TVL Stats Snap | Source: DefiLlama<\/a><\/p>\n

Meanwhile, as the ZetaChain price plunges, a Solana outage was the talk of the day.<\/span><\/p>\n

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Solana Mainnet-Beta is currently experiencing performance degradation as mentioned by @laine_sa_<\/a>.<\/p>\n

Validators and core engineers are investigating the situation; we're keeping a close eye to keep you updated. https:\/\/t.co\/VSzOAAvIXV<\/a><\/p>\n

— SolanaFM (@solanafm) February 6, 2024<\/a><\/p><\/blockquote>\n