Zebec Network, a top crypto project in the payment industry, surged to a record high after acquiring Science Card.
Zebec Network (ZBCN) price jumped to an all-time high of $0.00617, giving it a market capitalization of over $500 million. It has risen by more than 770% from its lowest level this month, making it one of the best-performing coins.
ZBCN spiked after the company acquired Science Card, a U.K. fintech firm with over 50,000 users.
Science Card allows users to send, receive, pay, and save money through its easy-to-use application. Users can then spend using physical and digital cards in over 210 countries, while also contributing to research in areas of interest. In a statement, Zebec said:
“With this acquisition, we’re enabling students to spend crypto on campus while funding university research with every swipe, with expansion into education payments.”
Zebec Network aims to be a top crypto project in the payment space. It offers debit cards that enable thousands of users to spend their cryptocurrencies globally. It has also become a major player in the payroll industry, serving over 250 enterprise clients and processing over $1 billion in payroll volume.
Its payroll solution fuses Web2 and Web3 technologies, enabling enterprise clients to pay employees by the second. Its WageLink feature also allows firms to make cross-border payments using USDC at near-zero cost.
ZBCN’s surge helped push futures open interest to a record high of over $32 million, up from this month’s low of $2.5 million. Rising open interest is a sign of high demand and liquidity for the coin in the futures market.
However, traders in the futures market still expect the coin to fall as the funding rate has remained negative since May 21.
Zebec Network price technical analysis
ZBCN continued its strong rally on Thursday following the Science Card acquisition announcement. It has deviated from its moving average and is up 170% from the 50-day EMA. The token has also become highly overbought, with the Relative Strength Index and Stochastic indicators at extreme levels.
As a result, the coin is likely to retreat due to profit-taking and mean reversion. It is common for a sharply rising asset to decline as early holders sell for profit. Mean reversion occurs when an asset returns to its historical moving averages.
The Zebec Network token will likely drop and retest support at $0.002143, the highest swing in February.
