0x (ZRXUSD) Bulls Recover From Depression to Surge Past Weekly Resistance
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ZRXUSD Analysis – Price Recovers From Depression to Move Past $1.200
ZRXUSD bulls recover from depression to make a significant upthrust which took the price past the weekly resistance at $1.200. The coin has had to recover from a depression that pressured the market downwards through a descending triangle formation. ZRX was more likely to break down for a retest at $0.920, but the bulls put in the work and they were able to shift the market instantly in their favor.
ZRXUSD Key Level
Resistance Level: $1.200, $1.320
Support Level: $1.020, $1.100
The zone between the $1.200 resistance and the $0.920 support was always going to be a tough nut to crack for ZRXUSD. It was the zone that curtailed the market for 25 days when it slumped down during the general crypto drop of May 19. When the coin re-entered the zone, it had to recover via retest several times to move past each resistance level to navigate the zone. The strongest resistance came at $1.200.
At the $1.200 key level, the market was knocked down for a retest several times at the $1.020 support. This put the market into a descending triangle pattern. After tapering through the triangle to a very tiny point, bulls infused momentum which surged the market upwards and broke through the $1.200 weekly resistance to reach $1.320. The Relative Strength Index shows this by moving from the 53 mark to the border of the overbought region.
Market Prospects
The $1.320 resistance level presents a fresh but less daunting challenge for the buyers. However, the key level is strong enough to step down the market’s impulse and knock it down for a retest. This can be seen in how the RSI signal line is taking short strides in and out of the overbought zone on the 4-hour time frame. ZRXUSD will have to recover quickly to overcome this level to avoid another state of depression as with the previous resistance.
The MA period 20 (Moving Average), however, keeps gliding below the 4-hour candles to show that momentum generally remains with the buyers. As a result, it is expected that the price would recover to move above this level with a strong $1.500 key level at the next point of call.
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