0x (ZRXUSD) Demand Zone Aids Breakout From Downward Channel
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ZRXUSD Analysis – Breakout From Downward Channel Is Aided by Demand Zone
ZRXUSD demand zone at $0.750 was tapped into twice in December. The first time was on December 14th, when it experienced a short-term consolidation afterward. The demand zone at $0.750 represents the confluence of a general upward trend and the lower border of a downward channel. The demand zone was bounced on, but the price met resistance at the upward border of the downward channel.
ZRXUSD Major Mark Zones
Demand Zone: $0.750, $1.050
Supply Zone: $0.920, $1.320
The $0.920 resistance zone at the upward channel border sunk the market back to the demand zone at $0.750. The multiple effects of the zones and the trend lines trapped 0x between $0.920 and $0.750. The multiple effects of the demand zone and the trend line were spotted earlier on the 26th of November when the market failed to breach the $1.050 demand zone.
A breakout is currently spotted above the downward channel. The breakout was on January 1st of this year. A retest followed on the 2nd of January after the upper border of the downward channel was violated. The retest found support at the Moving Average period 9 and the upper border of the lower channel. Currently, the relative strength index is bullish on the daily time frame.
Market Prospects
The Moving Average period 9 and the Moving Average period 21 crossed upward within the downward channel. This shows bullishness in the market. The Relative Strength Index is also very bullish. The market is hanging below the $0.920 resistance zone. If the bulls pull through, they will likely pump the price up to $0.920. If they fail to break out from the range, the market would likely plunge back to the $0.750 demand zone.
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