0x (ZRXUSD) Discontinues Bearish Trend at a Key Level
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ZRXUSD Discontinues Its Downward Trend at the $0.450 Key Level
ZRXUSD discontinues its downward trend after finding a foothold at a critical support level. The market has been redirected in a sideways direction at the $0.450 significant level. The price immediately bounced upward on reaching this support level and discontinues its bearishness. Even though the coin isn’t able to breach the $0.720 level, it didn’t drop below $0.450. This leads to an accumulation phase, and the price is expected to test the $0.720 level again.
ZRXUSD Major Levels
Resistance Levels: $1.500, $0.720
Support Levels: $0.450, $0.150
The liquidity flow in the ZRX market has been southward since the last two months of 2021. This trend, which continued into 2022, now accounts for a 72% drop in price. The market has struggled unsuccessfully to stabilize itself until it reached the $0.450 critical support level. This level represents the last line of major support before the coin drops back towards its origin at $0.150.
ZRXUSD discontinues its downward trend, having found support at $0.450. As a result, the price is sideways trending and cranking with the $0.720 resistance level. The price has fallen back to the support level and is rising again. The Parabolic SAR (Stop and Reverse) has changed its dots below the daily candles to show that the market’s direction is now going up, which is what the dots mean.
Market Expectations
On the 4-hour chart, the price has formed a “W” shaped pattern, which is a reversal pattern. Furthermore, the coin has broken the neckline and is currently retesting the neckline. ZRXUSD is expected to bounce upward to break the $0.720 resistance level. The MA Cross (Moving Average) is still accurate in an upward direction. Price will follow it.
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