ZRXUSD Is Approaching a Significant Price Level
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ZRXUSD Analysis – Price Is Approaching $1.000 Significant Level
ZRXUSD is approaching a significant price level of $1.000 as the market keeps falling. The bearish tendency became evident after the price reversed at $1.300 following the appearance of a hanging man candlestick. Following that, there was a significant decline in liquidity to $1.000. The market, meanwhile, continues to trade in the range, failing to retest $1.300 as it approaches $1.000.
ZRXUSD Significant Levels
Resistance Levels: $1.590, $1.300, $1.140
Support Levels: $1.000, $0.900, $0.710
The market was, however, bullied by the bears, as price first assumed a bearish movement. The price first broke through the $1.590 significant level and retested it before gaining bearish momentum. There was a sharp liquidity run as the sellers drove the market down from the $1.590 key level to the $0.900 significant level. The price then retested the $1.140 significant level before making its way to the $0.700 key level.
Following numerous market responses at this level, ZRXUSD reversed direction and gained bullish momentum to the $1.300 significant level. After a significant liquidity run, the upper band of the Bollinger Band on the daily chart is functioning as a barrier at $1.3000. The price is currently nearing the lower band, which is close to the key threshold of $1.000. As a result, we anticipate price movement approaching this level.
Market Expectations
On the 4hr chart, the price is seen falling after retesting the $1.140 significant level. The market is now approaching a $1.000 significant level after price reactions around the middle level of the Bollinger Band. The MACD (Moving Average Convergence and Divergence) indicator shows a price trend in bearish movement. The signal lines and the MACD line are approaching zero. This indicates that the market is still in a bearish state. ZRXUSD is, however, expected to reach $1.000 and even break beyond it before a reversal.
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