0x (ZRXUSD) Driven to Fill up Imbalances in the Market
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ZRXUSD Major Zones:
Demand: $0.790, $1.650
Supply: $1.150, $2.370
ZRX Market Analysis
Increased volatility was seen in ZRXUSD earlier in the year from the 3rd of February 2021 after a long period of consolidation in the market. The long consolidation had ended with a bearish indecision candle on the 2nd of February before the sudden pump in market price. The rally of the price left the market with two major imbalances on the daily chart formed on the 4th and 5th of February respectively. The second imbalance of February 5th was filled up on the 28th of February. Price did not decline to fill up the first imbalance on the daily chart immediately. Later on, a pullback in price was seen on the 18th of May with a bullish candle which was a trigger for a heavy fall in price on the 19th of May. That plunge in the market eventually filled up the first imbalance that was earlier created on the 5th of February. However, another imbalance was formed by that plunge in price on the 19th of May.
ZRX Market Anticipation
The volatile move in the market on the 19th of May dipped to $0.790. The bearish candle is seen to have crossed the lower Bollinger band. The market had traded to the upper and lower Bollinger bands. Price is therefore expected to trade up to the upper Bollinger band to fill up the imbalance created on the 19th of May. Price took off for a buy on the 23rd of May with a long wick formed.
On the four-hour chart, an ascending channel has been formed to lead the price higher. The trend is seen to reverse as the candles form a higher lower on the lower band of the Bollinger. ZRXUSD is likely to reach for the next demand zone at $1.650 after filling the imbalance.
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