0x (ZRXUSD) Has Rebounded off $0.9200 to Trader Higher
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Price Analysis – ZRX Trades at Higher Price After It Rebounded off $0.9200
ZRX has rebounded off the $0.9200 resistance level to press on with its bullish intent. The coin can be said to have finally taken off after it moves clear of the $0.920 key level. The $0.9200 price level has been playing a major role in determining the positioning and movement of the market ever since it dropped abruptly on the 19th of May, 2021.
ZRX Important Levels
Resistance Levels: $1.200, $1.320, $1.500
Support Levels: $1.100, $0.920, $0.520
After ZRXUSD tried unsuccessfully to rally back to the height it fell from on the 19th of May, it went under the $0.920 key level. The key level turned a resistance to the market for up to 2 months till price broke above it on the 7th of August 2021. The coin gathered enough momentum above $0.750 and rebounded from it to shoot past $0.920. Price kept moving upwards, but it will eventually be receiving support back from $0.920 to break a more obstinate resistance at $1.100.
ZRX therefore rebounded off $0.920 as support on the 19th of August 2021. This led to a strong bullish move that took the market past $1.100. This can be seen in consecutive bullish candles. The RSI (Relative Strength Index) initially dropped from the overbought region as a result of the market drawback, but it has ascended back into the zone. Likewise the Stochastic Oscillator has spent more time in the overbought region since price accumulated to break above $0.920.
Market Expectation
On the 4-hour chart, it can be seen that the coin could have been knocked down back at $1.100. But ZRX received vital support from $1.020 to remain on an uptrend. The RSI keeps rising from the middle line towards the overbought region. Meanwhile the Stochastic Oscillator has been trading in its overbought since the market was mid-way towards $1,100.
ZRX is expected to continue its bullish movement with the $1.500 its long term target.
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