0x (ZRXUSD) Remains Still at the $0.750 Demand Zone
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
ZRXUSD Analysis – Price Remains Still as the Demand Zone Traps Market at $0.750
ZRXUSD remains still after a sudden price decline. The market broke the demand zone downwards at $1.050 on the 3rd of December. The large bearish candles that violated the demand zone were consecutively halted at $0.750. The market bounced from the zone but reversed upon reaching $0.950. The sudden rally reversed and sank back to $0.750, where the price remains still.
ZRXUSD Significant Levels
Demand Zone: $1.050, $0.750, $0.550
Supply Zone: $1.350, $1.200, $0.950
Price reached its quarterly high with a skyrocketing wick on the 31st of October. The market reversed with a double top. Price plunged from the supply zone of 1.350 to 1.050. The market experienced consolidation till the 30th of November. Afterward, it dived and ended the uptrend that began on the 21st of July.
Market Anticipation
The market has been ranging since it crossed the supply zone at $0.950. The market still remains between the demand zone at $0.950 and the supply zone at $0.750. The 9 Moving Average is gently sloping downwards showing that price is still overall bearish. The stochastic lines have crossed at the middle, just around 50, showing 0x indecision. The bulls have halted the downward slope of the market and have caused consolidation in the $0.750 zone. The market remains still and awaits the bears to further crush price. The bulls may also recover to reverse the market. If the bears succeed, the price of ZRXUSD will plunge further to $0.550. If not, the price would bounce back to $0.950. It is therefore important to wait for visible signs of a retest demand zone at $0.750 to go short, or a retest above the zone to go long.
You can purchase crypto coins here: Buy Tokens
Note: Cryptosignals.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.
