0x (ZRXUSD) Remains Undecided; Price Could Retest $0.9200
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ZRXUSD Analysis – Remains Undecided in Its Direction but It May Fall Lower
ZRXUSD remains undecided and unclear about the direction it wants to go in. Ever since the coin failed at the $1.3200 price level and dropped abruptly to $0.0.9200, it has been struggling to make headway in the market and largely remains undecided in its direction of movement. The market has been majorly cranking between the $1.1000 and $0.9900 key levels. However, the market remains inclined to fall further.
ZRXUSD Significant Levels
Resistance Zones: $1.1000, $1.2000, $1.3200
Support Zones: $0.9900, $0.9200, $0.7500
Unlike a straightforward uptrend between the $0.5200 key level and the $0.9200 critical level, the movement of the coin between $1.2000 and the $0.9200 key level can be described as mazy. The market has had to navigate through the tenacious price levels present between the two key levels. Finally, on the 4th of September 2021, the coin leaped out of the zone via the $1.1000.
After the price broke out, very strong resistance at $1.3200 knocked the price downward sharply, which sent the market spiraling to $0.9200. ZRXUSD has now returned to the mazy zone and has been confined to a ranging movement between $1.1000 and $0.9900. The coin can be seen trading near the lower border of the Envelope indicator on the daily chart. Likewise, the Stochastic Oscillator has its signal lines moving parallel with multiple crosses in the selling half of the chart.
Market Anticipation
On the 4-hour chart, in the session of ranging movement, the market has hit the support level at $0.9900 and is preparing to bounce up again. On the Stochastic Oscillator, there is now an upward golden cross at the border of the oversold region. Price will also probably trade to the upside of the EMA of the Envelope indicator as the market remains in a consolidation phase.
ZRXUSD will now aim for $1.1000.
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