0x (ZRXUSD) Faces Sharp Rejection at Demand Zone
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ZRXUSD Analysis: Price Faces Sharp Rejection at the $0.4570 Demand Zone
ZRXUSD faces sharp rejection at a demand zone on the 24th of February. The market has experienced consecutive impulsive moves after breaking out of ranges. The bulls got exhausted at the 1.3390 price level. The market was trading in a range between $1.3390 and $1.0760. The breakout of the range caused a dive in price beneath $1.0760. Upon reaching $0.7590, the market was faced with sharp rejections. A long wick was formed on the 4th of December and on the 6th of December.
ZRXUSD Significant Levels
Demand levels: $0.4570, $0.7590, $1.0760
Supply Levels: $1.3390, $0.9630, $0.7150
The market pulled back from the zone to $0.9630, where it found resistance. The resistance zone was tested the second time before the bears drove price out of the consolidation. The demand zone at $0.7590 was tested four times as it prevented lower pricing. It was violated on the fifth test.
Upon the breakout from the range, there was a retest beneath the demand zone. The demand zone switched functions to a supply zone. As the market tapped into 0.75900, the selling pressure lowered the price to $0.4570. The market tapped into the level at $0.4570 on the 24th of January. The market was faced with sharp rejection at the demand zone. The buyers went long to the previous supply zone at $0.7150.
ZRXUSD Market Expectation
The market faced resistance at $0.7150. This caused the sellers to go short, back to the demand zone. Sharp rejection formed upon the second test of the $0.4570 demand zone. A wick was created beneath the bearish candle on the 24th of February. The market is likely to reach back into the supply zone at $0.7150. On the four-hour chart, the Williams Percent Range is slightly below equilibrium. The market still has a high potential for a run within the current supply and demand zones. The price is currently below equilibrium, as indicated by the Fibonacci retracement. An upward movement is expected back up to the 0.7150 supply zone.
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