0x (ZRXUSD) Compresses Down To $0.262000 (Key Zone)
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ZRXUSD Analysis- Price trades to the $0.262000 key zone, yet there is no plausible sign of momentum
ZRXUSD compresses down to the $0.262000 key zone yet shows no plausible sign of momentum. The crypto market has been without the solid influence of momentum for a while. As traders temporarily lower the price to the $0.262000 key zone, the price tendency has been compressing around this key zone, and traders still hope for a solid rise in price momentum in the coming weeks. With the Bollinger indicator compacting also, we should anticipate a buildup in the influence of price on the daily chart. The market can either plan for a decline outside the consolidation phase, or buyers can force the crypto market to run with high liquidity.
ZRXUSD Market Zones
Resistance Zones: $1.136000, $0.773000
Support Zones: $0.376000, $0.262000
The sell traders exhausted the price liquidity flow following a run from the peak value of the $1.136000 key zone. What followed was selling protection as more selling liquidity came into view. As momentum was building up, the bearish phase reduced price tendencies until the price dropped to the $0.262000 key zone. With the sellers exhausting their liquidity run, there has been no spike in the ZRXUSD momentum due to accumulating prices.
The crypto market has been consolidating between the trade levels of $0.376000 and $0.262000. The market has been out of liquidation since prices began to compress right after July 2022. The Stochastic Oscillator shows buyers in view as the signal line is currently out of the selling phase. Buyers are now returning to drive the price back to $0.376000. The Money Flow index also shows a price signal trend above the 50.00 level, indicating a buying trend is in place. A price break from the Bollinger Band Compression should also be anticipated as the market unfolds.
Market Expectation
The sellers are holding their ground on the 4-hour chart. However, the price is also close to releasing itself from compression soon. With the oversold session in view during the market phase, buyers can still place more orders on the 0x price.
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