0x Coin (ZRX/USD) Creates Steady Bullish Trend
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0x Coin Bullish Trend – Market Analysis
0x coin is currently on a bullish trend. The coin had reached a monthly low in the previous month at $0.6450. The market showed a sharp rejection at the zone forming a wick on the 23rd of May. Price has since then formed higher lows creating a bullish trend.
The $1.2300 resistance zone is seen to halt the market every time it tries to move upwards on the daily chart. The zone bounces off ZRXUSD at every touch and this creates a retracement in the market. Each bounce off of price lower is higher than the previous low formed, therefore creating a bullish trend movement. 0x coin is currently at the lower border of the ascending channel.
On the four-hour time frame, the market experienced resistance at the $1.230 zone, which coincides with the midpoint of the parallel channel causing the 0x coin to drop back to the lower border of the channel.
Important Zones on ZRX/USD
Resistance Zones: $1.2300, $2.1550
Support Zones: $1.5500, $0.6450
What to Expect From ZRX
The 9 Simple Moving Average (SMA) has switched position to under of the daily candles to act as support for a bullish trend in the market. It is just about to cross the 21 Simple Moving Average to the upper-side to confirm a bullish trend in 0x coin.
The Moving Average Convergence Divergence (MACD) has crossed below the midpoint signifying a bullish trend also in the market on the daily chart.
A breakout of the $1.2300 resistance level is anticipated to reach the $1.5500 support zone.
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