0x (ZRXUSD) Correction Sees the Market Drop Back to Significant Support
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ZRXUSD Analysis – Market Correction Plunges the Price Towards 0.68130
ZRXUSD Correction sees the price plunge towards a major support level at 0.68130. The pressure was placed on the market after breaking the same 0.68130 critical level for a surge towards the round level of 0.96000. However, a lack of impetus to go beyond this level sent the market spiralling towards the 0.68130 as support. Further attempts were increasingly curtailed near the support level, leading to a surge.
ZRXUSD Significant Levels
Resistance Levels: 0.85000, 0.96000, 1.20000
Support Levels: 0.30000, 0.45000, 0.681300
The market is in the process of converting from a bearish to a bullish market. In-between this transition is a ranging period that stretches from late January to late March. After this, the price began its adventures upward by breaking out utilizing a double bottom chart pattern. Then the price surged towards 0.96000 but was compressed back to the 0.68130 support level.
What follows is another upsurge that pushes the market upward more than 80% towards $1.20000. However, the market has begun to affect a correction as the coin slumps in consecutive bearish candlesticks back towards the 0.68130 support level. The RSI (Relative Strength Index) line is also undergoing a correction as it drops from an overbought region toward the middle line.
Market Expectations
On the 4-hour chart, the price is now approaching the 0.68130 demand zone. The MA period 45, which acts as strong support on the daily timeframe, has been broken through on the 4-hour chart. Also, the market correction has brought the RSI line to the oversold border, where it is now reacting. Despite the depression, market investors are expected to recover and hold above 0.68130 for another bullish assault.
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