The Ding-Dong Battle for Supremacy Continues on 0x (ZRXUSD)
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0x Analysis – Ding-Dong Battle Between Bears and Bulls Continues in ZRXUSD
The ding-dong battle for supremacy continues on 0x as bears and bulls remain locked in a struggle. The latest market action sees the bulls employ a double bottom formation at the $0.450 demand level. This enables an upsurge in the market, which pushes the price to the constant supply level of $0.720. Buyers try to exploit their advantage in the market further, as shown by the long candlewick. 0x, however, has been pushed back below the supply level.
0x Key Zones
Supply Levels: $0.850, $0.750
Demand Levels: $0.450, $0.300
The market has recently been locked in a ding-dong battle for supremacy as buyers try to end the sellers’ dominance. This has led to a ranging movement in the market. The price fluctuates between the $0.450 demand and the $0.720 supply levels. The coin has tested the demand level three prominent times and twice the supply level.
Currently, the buyers are edging the ding-dong battle after using a double bottom chart pattern to push the price towards the $0.720 supply level. The long wick of the daily candle shows that the price is being restricted. But the coin remains above the price level, and the Parabolic SAR (Stop and Reverse) remains stationed below the daily candles.
Market Expectations
The 4-hour chart shows clearly what happened at the supply level. The price broke through the supply level, aiming for $0.850, but was gradually suppressed until brought back to the $0.750 supply level. Despite the setback to the buyers, the MACD (Moving Average Convergence Divergence) lines remain high above the zero level, and the coin keeps fluctuating above the supply zone. The ding-dong battle continues as bears look to plunge the price back to its support. But the bulls could leverage the $0.750 price level to shoot higher.
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