0x (ZRXUSD) Breaks Out of the Descending Triangle Into the Demand Zone
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
ZRXUSD Analysis – Price Breaks Out of the Descending Triangle Into the $0.5450 Demand Zone
ZRXUSD breaks out from the descending triangle, which caused a dive into the demand zone at $0.5450. The value of the coin dropped against the dollar. The market experienced an obvious breakout in the last month of the previous year. A downtrend from September ended when a reversal was formed in the market. The new uptrend lasted for three months. The end of each month was seen to test the trend line, leading to higher prices.
ZRXUSD Major Zones
Supply Zones: $0.9450, $1.1350
Demand Zones: $0.5450, $0.7550
The major resistance at $1.3150 completely defends bullish moves beyond the zone. This resistance level was tested thrice before the bulls gave up. The market crashed, and the price breaks out from the trend line. The market experienced six straight days of bearishness. A new resistance was formed at the $0.9450 level. A new support level also formed, at $0.7550. The bulls and bears were at break-even from early December through to mid-January.
This caused a short-term consolidation in the market. The bears eventually won the tussle. This is seen with a double top below the resistance zone at $0.9450. After the neckline was broken, a little retracement formed the latter part of the descending triangle. This caused a total unleashing of the bears at the$0.540 demand level.
ZRXUSD Market Expectation
The demand zone at $0.540 has been slightly breached on the 4-hour chart. As the Parabolic Stop and Reverse have formed multiple points below the 4-hour candles, indicating initiation of a bullish move, this is most likely a false break out. The Relative Strength Index (RSI) has also crossed from the oversold region. This signals that the bears are likely exhausted.
The price is likely to bounce back to $0.7550 from where it dropped. The imbalance above the demand zone at $0.5450 is also likely to draw the price to be filled up in the process.
You can purchase crypto coins here: Buy Tokens
Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
