0X (ZRXUSD) Attempts to Revive From a Depressed Price Level
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0X Analysis – ZRXUSD Attempts to Revive Bullishness From the $0.300 Level
0x attempts to revive bullishness from the $0.300 depression level. The plunge in the price of the market was more or less dramatic. As of mid-April, the buyers were the masters of the coin, consistently pushing it higher despite rejections. However, by the beginning of May, the market had been gradually suppressed so much that it dipped into depression at $0.300. ZRXUSD now attempts to revive bullishness from here.
0x Significant Levels
Resistance Levels: $0.680, $0.960
Support Levels: $0.300, $0.450
The beginning of 2022 was generally characterized by low market volatility as the price gradually slid under the $0.680 critical level. This low volatility, shown by the ATR (Average True Range) indicator, kept the market in confinement as $0.450 sealed it from below. This allows the buyers to gather momentum, which they unleash via a double bottom chart pattern to break out of the $0.680 resistance.
This breakout on the 27th of March was the beginning of a dramatic increase in market momentum. After this, the coin started to experience resistance. Even though the resistance reduces bullish momentum, it still carries equal and increasing volatility. After struggling unsuccessfully, the market is subdued below the $0.680 price level. This led to a steep drop to a depressed level of $0.300.
Market Expectations
On the daily chart, the candles have stretched the lower border of the Bollinger Band, indicating that the price is about to rise. This is already taking place on the 4-hour chart. The price has bounced off the confluence of the $0.300 and the lower Bollinger Band and is currently negotiating the upper Bollinger Band and the $0.450 resistance level. 0x will attempt to return to $0.680.
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