0x (ZRXUSD) Will Launch Another Attempt to Break Weekly Resistance
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Market Analysis – ZRX Fails at Weekly Resistance and Will Launch Another Attempt to Break It
ZRX will launch another attempt at breaking the $0.900 resistance after its initial failure. The market had a prominent setback on the 19th of May 2021 in which the price fell from a height of $1.630 to a level below $0.900. Ever since, ZRX has had to deal with the $0.900 key level, either as a support or a resistance.
From the 20th of May 2021, immediately after the plunge in price, ZRX took a position above the $0.900 key level, leveraging on it as support in its sideways movement. This continued till the 16th of June 2021 when the coin dropped, even below the next support at $0.600. The market from there started its attempt to build its way up. So far, the market has been moving up through an ascending parallel channel, zigzagging as it goes.
ZRX has now hit another crest which happens to be a confluence of the $0.900 key level and the upper border of the ascending channel and fallen to the lower border of the channel. The RSI (Relative Strength Index) has shown that there is a break in the bullish move, with the indicator moving temporarily sideways. However, the 9MA (Moving Average) indicator has moved to join forces with the lower border of the channel to lift the price back up.
0x Significant Levels
Resistance Levels: $1.190, $0.900
Support Levels: $0.600, $0.440
Market Prospects
The 4-hour chart shows that there was a bearish engulfment when the market hit the confluence of the $0.900 and the upper border. The coin has now fallen to the lower border of the channel. The RSI signal line has shown a decline in price since then.
At the lower border, there have been consecutive small candles. This reflects the support that ZRX is receiving from the lower border. Also, the 9MA has switched position to beneath the 4-hour candles to help in pushing it to launch another attempt upwards.
It is expected that the coin will launch another attempt at the confluence to break it upwards to continue its uptrend. The market will now reach $0.900.
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