0x (ZRXUSD) Is Waiting for Bulls to Drive the Market Up
Estimated Reading Time: 2 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Market Analysis – ZRX Lies Low and Is Waiting for Bullish Momentum
ZRX is waiting for more bullish momentum after recovering from a drop. The market began a decline after failing to get the better of the $0.900 barrier. It used the evening star candle pattern for the bearish trend reversal. ZRX, therefore, gradually dived from $0.900 to $0.600. It was expected that bulls would step in to intervene, but sellers kept up the pressure till the coin eventually sank below $0.600.
ZRX Significant Levels
Resistance Levels: $1.190, $0.900
Support Levels: $0.600, $0.440
Immediately after, there was some bullish impetus in the market. But it was only enough to lift the coin back to the $0.600 support. For the past four days, there have been consecutive small candles – three hammer candles and one inverted hammer candle. This is evidence of indecision in the market. ZRX is eagerly waiting for buyers to step in to lift the coin.
All the while, $0.600 has been a strong support level for price since it was lifted back to it. However, ZRX now needs to break through the middle band of the Bollinger Band on the daily chart, which has been pressing it down for more than a week. The RSI (Relative Strength Index) shows that the market is struggling to move upwards on the daily chart. Its signal line is currently just below the 50 mark at 45.22.
Market Prospects
On the 4-hour chart, there are indications that a bullish move is already underway. The coin has bounced upward from the $0.600 support. The middle line of the Bollinger Band has now crossed to support the upward movement of the market.
The Relative Strength Index has its signal shooting up and is already at 60.79. This shows that bulls have started acting on the market on a smaller time frame. Bulls will aim to lift the coin to the $0.900 key level.
You can purchase crypto coins here. Buy Tokens
Note: Cryptosignal.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
