0x (ZRXUSD) Fails to Build on Its Bullish Outbreak
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ZRXUSD Analysis – Price Fails to Build on Its Bullish Outbreak From $0.720
ZRXUSD fails to build on the bullish outbreak it made towards the end of March from the $0.720 significant level. The market, which only rose beyond $0.850, became upward motionless at $0.960. As a result, the price is now slumping back downward. ZRXUSD has dropped below $0.850 and is back at the $0.720 critical level. This failure to build on its breakout could fall to even lower levels.
ZRXUSD Significant Zones
Resistance Zones: $0.850, $0.960
Support Zones: $0.450, $0.720
0x has done exceptionally well in recent times. Firstly, it ends a bearish run that stretches as far back as November 2021. Then the market began a consolidation where prices accumulated momentum from the 18th of January to the 29th of March. This ranging phase was between $0.720 as resistance and $0.450 as support. The result of the consolidation is a bullish outbreak beyond the $0.720 resistance.
The outbreak led to a 32% price rise, which took ZRXUSD to $0.960. At this level, the market comes to an abrupt end of its bullish outbreak and fails to rise beyond the level. The price has now pulled back to the $0.720 significant level. The market is still eligible for a recovery as the MACD (Moving Average Convergence Divergence) lines remain above zero, though bearish bars are already on display.
Market Expectations
The 4-hour chart shows that the chance for an immediate rally has passed as the price fails to overcome the supply zone below $0.850. As a result, the MA Cross (Moving Average Cross) has crossed downwards as the price approaches the $0.720 support level. The MACD in this time frame has dropped below zero. If ZRXUSD fails to make a recovery in time, it could be headed back to the $0.450 support level from where it surged up.
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