ZKSync Price Prediction: ZK Drops 14% on Airdrop Controversy and Binance Listing While AI Meme Coin Closes Near $6 Million

Join our Telegram channel to stay up to date with the latest breaking news coverage
zkSync price has dropped by more than 14% in the past 24 hours and is trading at $0.245 as of 7:15 AM EST as investors dumped their holdings in the market.
The plunge came amid discontent over the way Ethereum scaling solution ZK distributed its controversial airdrop. The main complaint was the use of Sybil tests to determine eligibility, with some community members arguing that questionable wallets were eligible.
We know a lot of people are not happy about this airdrop. No one is happy about this.
However, there is no way to design this airdrop to meet everyone's expectations. We cannot make adjustments in the design, which is explained in the FAQ.
— ZK Nation (@TheZKNation)
June 15, 2024
Binance listing causes zkSync price to surge
Prior to the recent price correction, ZK surged after Binance listed the token at 4:00 AM EST today. The exchange launched trading pairs for several altcoins, including ZK/BTC, ZK/USDT, ZK/FDUSD, and ZK/TRY.
Users can deposit ZK tokens on the exchange, but withdrawals will be enabled at 4:00 a.m. EST on June 18.
Binance will also run a token distribution program for ZK between June 17 and July 16. During this time, the exchange will distribute a total of 10,500,000 ZK tokens to up to 52,500 eligible Binance users.
To be eligible, users should conduct at least 50 transactions on the zkSync Era network between February 2023 and March 2024. These transactions should also be completed within a seven-month time span.
zkSync price enters consolidation phase
After declining from its all-time high of $0.0035694, zkSync price has been consolidating between $0.0000054 and $0.0004056. Following this sharp correction, the 9-exponential moving average (EMA) is now acting as a technical barrier for the cryptocurrency’s price.
If zkSync is able to break above the 9 EMA on the hourly chart, it will also clear the upper boundary of the current sideways channel. Therefore, the coin may have the necessary base to move upwards in the next few hours.
Traders can then consider entering long positions in the cryptocurrency, which could push its price to the next important resistance level of $0.0011868. With enough buying pressure, the zkSync price could flip this threshold into support in the short term and then potentially rise to $0.0019490.
On the other hand, this bullish thesis may be invalidated if the zkSync price fails to break above the 9 EMA within the next 12 hours. In this alternative scenario, the coin may test the $0.0000054 support level. A break below this technical support level would put ZK at risk of potentially entering a downward price discovery phase.
As zkSync price enters a consolidation phase, AI memecoin WienerAI’s presale is heading towards $6 million.