0x (ZRXUSD) Loses Strength After a Rejection at a Significant Level
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ZRXUSD Analysis – Price Loses Strength After Rejection at the $1.000 Significant Level
ZRXUSD loses strength after a price rejection at the $1.000 significant level. This is where the bears decided to take a position in the market. As a result, the price is expected to trade lower after breaking through other significant levels. This is because the $1.000 level has been retested over time. As a result, it has become an important zone. Therefore, the bears will gain more bearish strength and go lower than expected.
ZRXUSD Significant Levels
Resistance Levels: $1.150, $1.000
Support Levels: $0.900, $0.800Before the emergence of the bear market, the bulls appeared to be in command of the price movement. The buyers first gained strength after breaking through the $0.800 significant price level and then headed to the $1.000 significant price level. Price reactions were seen at this level, and the market begins to consolidate between the $1.000 and $1.150 significant levels. The highest high was attained at the $1.300 significant price level before the sellers finally took over.
After a sharp reversal, ZRXUSD loses strength, which is followed by liquidity run back to the $1.000 significant key level. The price was also seen consolidating before a further drawdown occurred to the $0.900 significant level. This is as a result of the bears now being in control of the market. The market is seen reacting at the $1.000 level, and the price is expected to reverse its direction and trade downward. The Stochastic Oscillator indicator shows a price signal in the overbought region. This confirms that ZRXUSD will go lower.
Market Expectations
The price has broken through the $1,000 significant key level on the 4-hour chart and is set to trade lower. However, the market will first retest the $1.000 significant level and this indicates that the price will fall. The Moving Average is close to a golden cross, which will indicate a bearish turn and the sellers will be in control. The price will therefore fall as a result of its rejection at the $1.000 significant price level.
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