0x (ZRXUSD) Drops to $0.600 to Continue Its Lateral Movement
July 19, 2021
#0x#Crypto Analysis#CRYPTOCURRENCY#Price Action#ZRXUSD
Market Analysis – 0x Continues Lateral Movement as the Price Drops Again to $0.600
0x drops to $0.600 support to continue its sideways movement. Ever since the major market slump on the 19th of May 2021, ZRX has been moving in a lateral direction. The coin was initially ushered between the $1.190 and $0.900 key levels. This lasted for 23 trading days before the price drops below $0.900 to the next support at $0.600.
0x Key Levels
Resistance Levels: $1.190, $0.900
Support Levels: $0.600, $0.440
$0.900 now acts as a lid to prevent the price from going higher. Notably, on the 9th of July, its influence is demonstrated as it prevented the coin from going upwards. From there, the price drops directly back to the demand level at $0.600. This demand level itself is preventing the market from dropping further. Miniature Doji candles are formed to this effect to show the stoppage of bearish momentum.
At this point, ZRXUSD is expected to receive bullish strength to go up again. This will result in more lateral movements unless the coin breaks out of the $0.900 resistance. The lower border of the Bollinger Band is also joining forces with $0.600 to keep the price up and further push it upward. The Stochastic Oscillator is deep in the oversold region and a bullish movement is imminent.
Up until the current candlestick, the middle line of the Bollinger Band has been pressing the market down. Now that the market has been pressed to the $0.600 support, there is a call for a reaction. The lower band has joined with the support to keep the price up.
The Stochastic Oscillator has its signal line hovering over the border of the oversold region. Ox is now close to its wit’s end and bulls are expected to take over anytime from now. The $0.900 resistance is firmly in sight.
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