ZRXUSD Is Still Staggering as Price Hopes for Breakout
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ZRXUSD Analysis- Price Action Could either Result in a Breakout or a Pullback
ZRXUSD is still staggering as the price hopes for a breakout. However, there could be a possibility of a price pullback into consolidation if sellers are not charged enough to cause a pull-down. The sellers have been causing a huge impact on the market despite being in a consolidation phase. The bears were more active, causing a drop from $0.36700 key zone back to $0.245100 key zone. The Bollinger Band indicator has currently been compressed in the market. This means the crypto market is likely to expand, and this could result in a price breakout if selling pressure continues to hold on the daily chart.
ZRXUSD Key Zones
Resistance Zones: $0.68770, $0.460800
Support Zones: $0.36700, $0.245100
The sellers had technically been dominating the market. A shift of power was first seen following a bullish rise to the $0.68700 key zone. The market experienced a short consolidation back above this price level before the selling impact was felt in the market. A bearish rally becomes much more visible in the market as prices drop down to the $0.36700 key zone. Following some rest above the $0.36700 significant zone, the market experienced a bearish sell-off down to the $0.245100 key level.
The buyers were very engaged in picking up the price, but couldn’t push further beyond the $0.367000 significant level. The sellers are currently in charge as the token price has rallied back to the $0.245100 key zone. The RSI (Relative Strength Index) shows the selling composition still holding as sellers continue to push lower on the daily chart. However, if sellers fail to push lower, buyers may eventually have to push the ZRXUSD market back into a consolidation phase. This can therefore result in a breakout not occurring anytime soon.
Market Expectations
The buyers are causing a pullback above the $0.245100 key level. However, sellers are still much more influential in the market. The Bollinger Band indicator is still compressing as the price is valued to push lower in the market.
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