0X (ZRXUSD) Is Struggling to Overcome the Market’s Bearish Influence
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ZRXUSD Analysis – The Price Is Struggling to Overcome the Market’s Bearish Influence
ZRXUSD is struggling to fight off the bearish influence that has thus far dominated its market. Even though the market has slipped to a low price level of $0.300, the coin remains optimistic in its orientation. The price bounced off immediately and is now struggling to make an impression at the $0.450 price level to violate it for higher price levels.
ZRXUSD Significant Levels
Resistance Levels: $0.680, $1.20
Support Levels: $0.300, $0.450
The market has been domiciled between the $0.680 resistance level and the $0.450 support level from the beginning of the year. The market is characterized by a volatile ranging between these critical levels as the price struggles for expression. Market investors then forged the price into a double bottom chart pattern. They were able to break the resistance level to get above $0.680.
What follows is a session above the $0.680 price level in which the coin nearly doubles its value. But then, bearishness began to grip the market. This led to a major drop in the market, in which the price fell below $0.680 and then plummeted beyond the former support at $0.450. The MA period 20 (Moving Average) also adds a layer of resistance to the market from above.
Market Expectations
The drop in the market brought it down to the $0.300 price level. But the market isn’t just laying low. The 4-hour chart shows that buyers are back on their feet and are struggling seriously against the $0.450 price level, which was once a support level. Despite this, the price cannot be relied on to move higher. The RSI (Relative Strength Index) line remains below the chart’s bearish half. The price will likely return to $0.300.
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