0x (ZRXUSD) Major Support Zone Turns to a Resistance Zone
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ZRXUSD Market Analysis: The Major Support Zone at $0.721 Turns Into a Resistance Zone
ZRXUSD major support zone turns into a resistance zone at $0.721. The dollar has been gaining strength consistently since November 27th, 2021. This has led to weakness in the ZRX market. The Moving Average period 89 shows the market is down trending. The resistance zone at 1.2410 provided room for an influx of sellers in the market. This resulted in six days of unresisted bearish movement from November 30th until December 5th 2021.
ZRXUSD Major Zones
Support Zones: $0.5510, $0.7210
Resistance Zones: $1.2410 $0.9610
The market created a range through December. This occurred after the bearish move initiated at the 1.2410 resistance zone. The Moving Average period 9 and the Moving Average period 21 were seen to cross sideways. The 0.9610 zone formed the resistance zone for the range, while 0.7210 formed the support zone for the range.
The coin formed a double top between the resistance and support zones. The neck of the double top was retested after the price passed through it. This occurred at the support zone at $0.7210. The retest of the double top neck led to a selloff. The moving average period nine and the moving average period 21 crossed towards the downside on January 9th, just before the selloff. The market plunged to $0.5510. The price of ZRX dropped consecutively for six days without resistance after the market formed the bearish double top pattern.
ZRXUSD Market Expectation
The market retraced back to the previous support zone at $0.7210. The four-hour chart gives a clear picture of clean price action. The short term bullishness formed neat higher highs and lower lows till the coin tested the zone. ZRXUSD major support zone at $0.7210 turns to resistance upon retracement from the $0.5510. The bears currently aim for the $0.5510 level as the market dives towards the support zone.
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