More Downside Movement for 0x (ZRXUSD)?
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0x Analysis – More Downside Movement May Be On the Cards for 0x
More downside movement for 0x may be on the cards as the coin continues to wobble between two significant levels. The $0.720 price level has remained steadfastly as a supply zone for the market, while the demand level keeps the price above $0.450. ZRX dropped to this zone on 19th January and has been constrained within it for close to two months now. The coin could plunge further after the completion of the consolidation phase.
0x Significant Levels
Supply Levels: $1.500, $0.960, $0.720
Demand Levels: $0.450, $0.300, $0.150
0x has been on a downside movement since attaining a market high of $1.500. A prevailing weakness can be found among the market buyers. This is what has led to a consistent drop in price. It can be observed that 0x follows a trend of consolidating between key levels before breaking rank to lower levels. The critical level of $0.720, acting as a demand level, has been drilled through to become a supply zone.
ZRX is repeating the consolidation trend and has been in a ranging phase between $0.720 and $0.450. This may point to more downside movement for the coin. While the MACD (Moving Average Convergence Divergence) lines are below zero level, there is a current upward cross, which signifies a rally. Miniature bullish histogram bars have built up. The price might rise to hit the resistance before dropping for more downside movements.
Market Expectations
The prediction that there might be a bullish rally is more evident on the 4-hour chart. The candles have bounced slightly off the demand level. The MACD lines have adjusted towards the zero line as the market waits for marker forces to make more upside movements. 0x will first have to shrug off the MA period 24 to make that price rise.
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