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The broader cryptocurrency market is showing steady recovery, with Bitcoin (BTC) above $79,000 at press time on Monday. US President Donald Trump suggested an end to the Iran war is imminent, lifting broader market sentiment. Zebec Network ($ZBCN), Lido DAO ($LDO), and Pudgy Penguins ($PENGU) emerge as top performers over the last 24 hours.

Derivatives market sees increased activity as Bitcoin nears $80,000

Bitcoin extends its recovery toward $80,000 after four consecutive weeks of gains, suggesting steady demand as the US-Iran conflict shifts to the negotiation table from missile strikes. The derivatives market shows an increase in leverage-driven activity, signaling risk-on sentiment among traders.

CoinGlass data shows that the Bitcoin, Ethereum (ETH), and Ripple (XRP) futures Open Interest (OI) is up between 4% to 6%, suggesting positional buildup. Meanwhile, $216 million in total liquidations over the last 24 hours, driven by $181 million in short liquidations, suggests a bearish wipeout linked to rising spot prices.

Typically, an increase in leverage-linked activity amid bearish wipeout implies a bullish anticipation among traders.

Crypto Gainers: $ZBCN, LIDO, and $PENGUlead the recovery rally

$ZBCNis up 4% at press time on Monday, extending Sunday's 11% rise. The pair retains a clear bullish bias, holding well above the 50-day Exponential Moving Average (EMA) at $0.0027 and the 78.6% Fibonacci retracement at $0.0036, measured over the downswing from $0.00420 to $0.00150, which together underpin the recent breakout.

Momentum remains stretched, with the Relative Strength Index (RSI) hovering in overbought territory at 75 and the Moving Average Convergence Divergence (MACD) scaling above its signal line, which suggests strong but potentially overheating upside pressure as price approaches the recent swing extremes.

Looking up, immediate resistance is at the 100% Fibonacci retracement at $0.0042, where a clear daily close above would open the door to further short-term gains.

On the downside, initial support is seen at the 78.6% retracement at $0.0036, ahead of the 50% retracement at $0.0028.

Lido DAO extends a constructive rebound above the 50-day EMA at $0.3580, keeping a short-term bullish bias in place. However, $LDOstruggles near a descending resistance line, challenging the recovery near the $0.5000 psychological mark, while the 200-day EMA at $0.5397 remains a higher structural cap within a broader downtrend.

The RSI at 67 signals strong but increasingly stretched upside momentum, while the MACD holds above its signal line, suggesting buyers still control the near-term tape, even as overbought risks start to build.

On the topside, immediate resistance first aligns with the downtrend line around $0.5000. A decisive break there would expose the 200-day EMA at $0.5397, followed by the 50% retracement of the larger decline at $0.6534.

Looking down, initial support is defined by the 23.6% Fibonacci retracement at $0.4100, followed by the 50-day EMA at $0.3580.

Pudgy Penguins holds a bullish near-term bias after reclaiming the 50% Fibonacci retracement at $0.0095 of the downswing from $0.01380 to $0.00527. Additionally, $PENGUextends well above the 50-day EMA at $0.0075, while still trading below the 200-day EMA at $0.0111.

Momentum favors the topside as the RSI pushes into overbought territory at 73, and the MACD histograms expand above the zero line as the average lines rise above zero. The indicators hint that buyers remain in control despite stretched conditions.

The immediate resistance for $PENGUis the 78.6% Fibonacci retracement at $0.0112. A decisive close above this level could target the 100% Fibonacci anchor at $0.01380.

On the flipside, the initial support is now seen at the reclaimed 50% Fibonacci retracement at $0.0085, with additional cushions at the 50-day EMA at $0.0075.

(The technical analysis of this story was written with the help of an AI tool.)

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