0x (ZRXUSD) Retests Below the Demand Zone and Trend Line Confluence
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ZRXUSD Analysis: Price Retests Below the $0.750 Significant Level
ZRXUSD retests below the demand zone at $0.750. A large volume of buyers stormed the market on the 28th of October. This is seen with the volume bars on the chart. The bounce on the upward trend line propelled the market higher. The market ended a bullish run on the 31st of October 2021. It punched above the 1.320 zone with a very long wick.
ZRXUSD Major Market Zone:
Demand Zone: $0.550, $0.750
Supply Zone: $0.920, $1.320
The market was in consolidation till the 13th of November. The price fell daily till the consolidation was breached. There was a retest on the range on the 26th of November. The range was retested multiple times. The upward trend line was breached on the 3rd of December. The price eventually dropped into the $0.750 demand zone.
The month of December was faced with consolidation. The demand zone at $0.750 defended the price. The resistance zone at $0.920 prevented a bullish move. On the daily chart, there was a violation of the lower trend line on the 7th of January. On the same day, the demand zone at $0.750 was also violated. It was followed by a bullish candle which was seen to retest below the sand zone and trend line.
What Can We Expect From ZRXUSD?
The retest below the demand zone might attract more sellers to drive the price to the $0.550 zone. The 200 moving average shows the overall trend is still bearish. The 200 MA is above the recent candles on the four-hour chart. The blue Moving Average is currently resting on the candles. This shows the price’s rise to retest below the demand zone.
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