Categories
Cryptocurrencies

What is the ZRX Token?

Cryptocurrencies have stirred the financial space in a way that more and more people want to jump on this economic bandwagon. As the newest asset class, cryptos are overtaking other securities in an unprecedented fashion. But this is where we have a problem. For people to join the crypto revolution, they have to go through centralized exchanges. These exchanges, however, come with their own set of issues.

Enter decentralized exchanges (DEXs). DEXs, in which traders transact directly with each other, are fast becoming popular. 0x is one of the most high-profile of these types of exchanges, and it allows users to trade ERC 20 tokens via its native token, ZRX. In this guide, we’ll dive deeper into the 0x project, how it works, and the ZRX token and how to get your hands on it.

What is 0x?

0x is an open protocol designed to facilitate the peer-to-peer exchange of Ethereum tokens on the Ethereum blockchain. 0x was formed by industry experts Will Warren and Amir Bandeali in 2016.

The two envisioned a future where all kinds of securities, including stocks, precious metals, etc. could be traded as tokens publicly on the blockchain. 0x is created to be different from both centralized and decentralized exchanges and thereby provide the best combination of both their features.

It also seeks to solve problems that arise from both types of exchanges. Let’s begin with the issues facing centralized exchanges.

☑️ Susceptibility to Hacks

Centralized exchanges will always be prone to hacking attacks. Mt. Gox, Bitfinex and Binance are only some of the examples of centralized exchanges that have been hacked for Bitcoins worth millions of dollars. 

☑️ Subject to Mismanagement

Centralized exchanges are regulated by people who are fallible and prone to human error. The example of Mt.Gox is an exchange whose fate was caused by mismanagement.

☑️ Volume problems

Centralized exchanges often have trouble dealing with a sudden increase in demand. For instance, a sudden surge in demand for Bitcoin in November 2017 caused some exchanges to temporarily halt processing transactions while others experienced downtimes.

☑️ Subject to Regulatory Whims

Centralized crypto exchanges are registered in countries. This means they must play by the rules that the government of that country wishes to enact.

0x’s Technology and How It solves these, plus DEXes’ Problems

Decentralized exchanges rely on smart contracts for trading of ERC tokens. However, the sheer proliferation of tokens on Ethereum’s blockchain presents the problem of confusion and scalability. At the time of writing, there are more than 200,000 token contracts on the blockchain.

0x’s whitepaper notes: “End users are exposed to smart contracts of varying quality and security with unique configuration processes and learning curves, all of which implement the same functionality.”

This has caused several problems for the network, including increasing transaction costs for the network. This means for crypto exchanges, transactions would be charged a specified amount of ether. Also, as the volume of orders increases, the costs of operating it increases as well.

Second, the numerous exchanges have led to a fragmented user base and with it, fragmented liquidity for the DEXs crypto market. 

0x’s technology attempts to solve this by combining two technologies – State channels and Automated Market Maker. State channels take transactions off the blockchain, therefore reducing transaction fees. Automated Market Maker (AMMs) are algorithms that conduct trades between two parties, while also acting as the opposite party in transactions.

0x relies on “relayers” to host the off-chain order book and connect buyers and sellers.

Having seen how the platform aims to improve the DEX model, let’s look at how it addresses the main issues faced by centralized exchanges:

  • It provides a more secure platform as there is no single point of failure, thanks to the Ethereum blockchain which is open-source, pubic and distributed 
  • It eliminates the possibility of a rogue or malicious exchange running away with people’s crypto funds
  • It eliminates the whims of governments or regulators  
  • It makes crypto trading an affordable endeavor for all types of traders
  • It makes it effortless to swap tokens on the blockchain by removing the high transaction fees associated with centralized as well as smart contract decentralized exchanges. It intends to do this by taking transactions outside of the blockchain

What is ZRX?

0x has its own Ethereum token, known as ZRX. The token is used to pay relayers for their services. However, 0x’s main intention for the token is to facilitate decentralized governance over the 0x protocol upgrade system. This means anyone who owns ZRX gets to have input – proportional to their holdings, into any upgrades the protocol may get over time.

How to Buy ZRX

The ZRX token is available on the majority of crypto exchanges, including Coinbase, Binance, Bittrex, Shapeshift, Poloniex, Changelly, KuCoin, Huobi, Coinswitch, Bitit, and Idex.

Being an Ethereum token, ZRX can be stored in an Ethereum wallet. Other options include MyEtherWallet, Exodus, Eidoo, and Ledger wallet.

There is a fixed supply of one billion ZRX. During its launch, 50% of the tokens were released to the public, with the 0x project retaining 15%, 15% going to the developer fund, 10% to the founding team, and 10% to the project’s advisors and early supporters.

The Problems With 0x’s Approach

0X is an ambitious project and one that could be the solution to both centralized exchanges and DEXes problems. However, some crypto experts assert that the ZRX token has no clearly defined purpose.

Also, the staking approach – in which the more ZRX you hold the more you can contribute to the project’s development, means that it can be hijacked by investors with large holdings – which does not keep up with the spirit of decentralization. 

Also, some experts contend that the business model is not sustainable. By having its platform open and free, the project might be foregoing revenue from trades and setting itself up for failure in the future.

Conclusion

The 0x project has its flaws, but the protocol is a promising proposition. It solves the challenges presented by centralized exchanges while improving the decentralized exchange model. Its flexibility, versatility and its free availability may very well catapult it to be the future of cryptocurrency exchanges. It’s going to be interesting to see how this project pans out in the future.

 

Categories
Crypto Market Analysis

Daily Crypto Update 21.06.2018 – More Sideways Movement


General Overview


Market Cap: $288,490,071,943

24h Vol: $12,063,316,263

BTC Dominance: 39.9%

In the last 24 hours, the evaluation of the cryptocurrency market capitalisation has experienced a lot of sideways movement as you can see from the chart below.

The market is mixed in colour but the dominant one is green, with a small average percentage change.


News


In the midst of the bear market, negative news tends to echo on. That is the case with the Bithump hack that happened two days ago, and it is still reported and followed up on as this is the world’s sixth biggest exchange based on volume. As the market is showing sideways movement and indecision, many headlines are trying to reassert the usefulness of the blockchain tech trying to regain the confidence in the market.

In an interview with CNBC yesterday, Charlie Lee, Litecoin (LTC) founder stated that the recent hack of leading crypto exchange Bithumb “doesn’t really change the fundamentals of Bitcoin”. Attempts to change the focus from price to technology doesn’t really do much for the current sentiment as participants are still focused on the losses that the market has experienced.

Another relevant headline is that Tether, cryptocurrency supposedly back in a 1:1 ratio by US dollars has hired a law firm to conduct a random check on their bank balance, and is reported by Bloomberg that Freeh Sporkin & Sullivan LLP has confirmed that the amount of US dollars matches and exceeds the current Tether circulating supply. This was not an official audit, and we are still yet to see if everything checks alright with Tether, but this may calm some concerns made in the past regarding the Tether controversy.

Goldman Sachs is exploring cryptocurrency trading derivatives, Goldman Sachs Chief Operating Officer (COO) said in an interview with Bloomberg June 20. This is normal as the demand of their clients is pushing them to provide those services.

“We are clearing some futures around Bitcoin, talking about doing some other activities there, but it’s going very cautiously. We’re listening to our clients and trying to help our clients as they are exploring those things too.”

Similar to that, Toronto Stock Exchange (TSX) will list a new blockchain exchange traded fund (ETF) starting Thursday, Bloomberg reported June 20. The Horizons Blockchain Technology and Hardware Index ETF fund will join other ETFs from Harvest Portfolio Group Inc. and Evolve Funds Group Inc.

The U.S. Securities and Exchange Commission (SEC) has received an additional emergency court order to freeze the assets of Dominic Lacroix, owner of PlexCorps, in an ongoing enforcement action, Crowdfund Insider reported June 20. The SEC had previously sued Lacroix for securities fraud and received an emergency asset freeze order in December 2017. The order was unsealed June 18.

Source: cointelegraph


Analysis


BTC/USD

The price of Bitcoin is on the same level as on yesterday’s opening which is around 6735$. Yesterday the price fell to 6620$ quickly and recovered even quicker as you can see from the chart below.



Bitcoin’s price is yet again the middle of the range on the resistance level struggling to stay there. As price action looks unstable I am soon expecting the price to retest either the range resistance or range support which would be more likely.


Market sentiment 

Hourly chart technicals signal a buy.

Oscillators are on neutral an moving averages signal a buy.


Pivot points

S3 6185.1 
S2 6450.1 
S1 6605.3 
P 6715.1 
R1 6870.3 
R2 6980.1
R3 7245.1

ETH/USD

From yesterday’s open at 517$ the price of Ethereum has increased by 3.35% coming to 536.12$ where it is currently sitting.



Price action has formed an ascending wedge of some kind and the recent low retested its support line. The price is currently sitting on the resistance levels of the current range, and if the price gets repealed from it I would expect a breakout from the wedge on the downside.


Market sentiment 

Ethereum’s hourly chart technicals signal a buy.

Oscillators are on buy and moving averages signal a buy.


Pivot points

S3 480.62 
S2 506.15 
S1 521.21 
P 531.68 
R1 546.74
R2 557.21 
R3 582.74

NEO/USD

From yesterday’s opening at 38.75$, the price of Neo has decreased slightly. The price is now sitting at 38.17$ which is just 1.46% lower than yesterday. The price went above the open but has dropped quickly as you can see from the chart below.



On the hourly chart, we can see that the price is interacting with the minor support and is retesting it. If the support holds I would expect the price to get back to the levels of the support area which now serves as strong resistance. If the current minor support gets broken I would look out for a downfall to the 33.8$ level.


Market sentiment

Neo is in the sell zone.

Oscillators are on buy, and moving averages signal a strong sell.


Pivot points

S3 33.95
S2 36.37 
S1 37.67 
P 38.79 
R1 40.09 
R2 41.21 
R3 43.63

ZRX/USD

The price of 0x is sitting at the levels of yesterday’s open which is at 0.8747$. It experienced a lot of choppy, sideways action so it went above and below the opening before retracing back to the same levels, as you can see from the chart below.



The price is now on the minor support, similar to Neo and if we see the level respected, the price is going to go to the level on 14th high which is at 0.966$ where it would find first resistance. If the levels break I would expect a breakout from this current consolidating triangle and a lower low.


Market sentiment 

0x is in the sell zone.

Oscillators are on neutral and moving averages signal a strong sell.


Pivot points

S3 0.7316 
S2 0.8001 
S1 0.8380 
P 0.8686 
R1 0.9065 
R2 0.9371
R3 1.0056 


Conclusion


From the coins analyzed in this report we can see that the price action looks unstable as all are sitting and waiting on some support/resistance levels. With all the sideways movement that the market experienced in the last couple of days, maybe today we will see some sign as to where the market is going. I think that the prices are going to plummet down to their next support as fear uncertainty and doubt are ruling the market sentiment currently, but this stagnation may also trigger some buying as buyers may interpret it as the bottom.

Categories
Crypto Market Analysis

Daily Crypto Update 13.06.2018 – Another Flash Crash Coming?


General Overview


Market Cap: $272,840,869,681

24h Vol: $15,609,802,094

BTC Dominance: 40.4%

In the last 24 hours, the cryptocurrency market cap has declined from 295,086,000,000$ to around 272 billlon dollars which is a 23 billion dollar decrease.

The market is currently in the red, with an average decrease ranging from 10-15%. Among top 100 coins, only Decentraland (+2%) and Emercoin (+5%) are in the green.


News


Top headlines that came out in the last day are mostly regarding corporations and major players adopting blockchain technology. Some of the most significant news that fit into that category are the following:

Multiple Russian corporate giants have created a joint venture that plans to develop projects in blockchain and the digital economy, as reported by TASS.

Russian telecom company MegaFon, Gazprombank, government corporation Rostec, and the USM Group have created a joint venture – referred to as MF Technologies (MFT) – that is worth $450 mln and has a 59 percent stake in Russian Internet giant mail.ru.

Argo, crypto mining firm, set to become London Stock Exchange’s first blockchain listing, as reported by Bussines insider.

After launching its subscription service for mining contracts the same day, the company says it plans to hold an IPO, following a $2.5 mln funding round it completed in January of this year.

Argo says it aspires to “democratise” the mining landscape for four altcoins – Bitcoin Gold, Ethereum, Ethereum Classic and Zcash – by renting computing power from an eco-friendly facility located in Quebec.

 VeChain (VEN), Singapore-based blockchain startup, and DB Schenker, global logistics provider, have co-developed a blockchain-based supplier evaluation system, according to cointelegraph

A new decentralised application (DApp) will use the VeChainThor blockchain to score DB Schenker’s third-party logistics partners in China based on collected data – the result being an evaluation for services such as packaging, transportation, and the quality of goods.

Out of news that fit into this category, the story reported by Korea JoongAng Daily regarding South Korean commercial banks launching a blockchain-powered customer ID verification platform is the most significant one.

Korea Federation of Banks (KFB) will launch their “BankSign” identity verification system to be used in both online computer-based and mobile banking. According to Korea JoongAng Daily, the move is intended to replace the 20-year old public verification system that is reportedly notorious for its complexity and inefficiency.

Other significant headlines that are leaning on the side of the general sentiment toward cryptocurrencies are those that came from Germany and Financial Action Task Force (FATF).

The German Federal Government has stated that cryptocurrencies do not pose a threat to financial stability, Cointelegraph auf Deutsch reports today, June 12. Nevertheless, the government sees the need for regulatory measures to control digital currencies.

The Financial Action Task Force (FATF), the international group that combats money laundering and terrorism financing, will start developing binding rules for crypto exchanges in June, a Japanese official familiar with the matter told Reuters June 12.

The new rules would be an upgrade to the non-binding resolutions which were adopted by the FATF in June 2015. The FAFT will consider whether existing guidelines on anti-money laundering (AML) measures and reporting suspicious trading activity are still appropriate, and if they can be applied to new exchanges. The intergovernmental organisation will also reportedly investigate how to work with countries who have moved to ban cryptocurrencies.

Source: cointelegraph.com


Analysis


BTC/USD

From yesterday’s opening at 6853$, the price of Bitcoin has decreased by 5.49% and is currently sitting slightly below 6500$.



 

Looking at the hourly chart, we can see that the price is now below 0 Fibonacci retracement level and below the unconfirmed baseline support 2. In my weekly update, I have stated that I would expect the price to continue falling down to these levels, as there was no strong support prior that can hold the momentum. I am expecting the price to go even lower to around the 6000$ area which was the lowest point in this correction before we see some short-term trend reversal.


Market sentiment 

Hourly chart technicals signal a strong sell.

Oscillators are on sell, and moving averages signal a strong one.


Pivot points

S3 5743.2 
S2 6180.5 
S1 6362.2 
P 6617.8 
R1 6799.5 
R2 7055.1 
R3 7492.4

LTC/USD

From yesterday’s opening at 107$, the price of Litecoin has decreased by 11.12% and is currently sitting around 95$.



 

On the hourly chart, we can see that the price of Litecoin is in a straightforward downfall and is going to continue moving in a downward trajectory as there’s no support until the wedge support line (blue dotted line) at 85$, so I am expecting interaction with it soon.


Market sentiment

Litecoin is in the sell zone, as indicated by hourly chart technicals.

Oscillators are one sell, and moving averages signal a strong one.


Pivot points

S3 79.310 
S2 90.506 
S1 95.165
P 101.702 
R1 106.361 
R2 112.898 
R3 124.094

OMG/USD

In the last 24 hours, the price of OmiseGo has declined by 9% – from yesterday’s open at 9.97$ to 9.08$ where it is currently sitting.



 

Looking at the hourly chart we can see that the price found some support at the current levels, but I don’t believe that it will bounce off of it as selling pressure is strong. Most likely, the price is going to continue its downward movement and will interact with the 0 Fibonacci level much like it did in the case of Bitcoin, and form a double bottom at around 8$ level.


Market sentiment

OmiseGO is in the sell zone.

Oscillators are on buy, and moving averages signal a sell.


Pivot points

S3 7.1564 
S2 8.2784 
S1 8.6688 
P 9.4004 
R1 9.7908 
R2 10.5224 
R3 11.6444

ZRX/BTC

From yesterday’s open the price of 0x has decreased by 15% coming from 15542 Satoshi to 13222 Satoshi where is currently sitting.



 

Looking at the daily chart we can see that the price pathway was, as I have projected it would be, in a bearish scenario – the handle pattern is a downward channel and the price fell down to the channel support for a retest.



 

Zooming into the hourly chart we can clearly see the interaction with the channel support – the price is currently below it and is back to retest it for resistance. We will see if the breakout will happen and the price breaks from the cup and handle on the downside, or will it bounce back into the channel range and continue on as I have projected the pathway.


Market sentiment 

Hourly chart technical signal a strong sell.

Oscillators are on sell, and moving averages on a strong one.


Pivot points

S3 0.00010967
S2 0.00012567
S1 0.00013133
P 0.00014167
R1 0.00014733
R2 0.00015767
R3 0.00017367


Conclusion


As the prices of the cryptocurrencies that were covered in this report are still in a downfall with no real support in sight, I conclude that we are in for more downside. We could see a short-term trend reversal if the prices are so low that the potential buyers couldn’t resist not buying.  That’s why I believe that this trend continuation will maybe even be another flash crash, which will spike down to new lows that would exceed prior once, which would in the case of Bitcoin be around 5700$.

Categories
Forex Educational Library

Centralized Exchanges And Decentralized Exchanges

Introduction

In this editorial we are going to discuss decentralized exchanges, why they exist or why are they going to exist, what are the advantages, what aren’t people still using them, and we will have an overview of the current projects that are striving to solve these problems.

Centralized exchanges

Let’s start off with explaining how normal (centralized exchanges) work and what’s their purpose. This will serve as an introduction to the problem which decentralized exchanges tend to solve.

Centralized exchanges act as a third party matchmaker between a buyer and a seller of an asset. They are useful because they provide liquidity. What is also important is that this process of trading is speeded up by the convenience of having an account in which you have you deposited funds, which are held by the exchange.

What is liquidity?

>Liquidity describes the degree to which an asset or security can be quickly bought or sold in the market without affecting the asset’s price.

Market liquidity refers to the extent to which a market, such as a country’s stock market or a city’s real estate market, allows assets to be bought and sold at stable prices. Cash is considered the most liquid asset, while real estate, fine art, and collectibles are all relatively illiquid.

Accounting liquidity measures the ease with which an individual or company can meet their financial obligations with the liquid assets available to them. There are several ratios that express accounting liquidity highlighted below.

Source: investopedia.com

The most popular examples of centralized cryptocurrency exchanges are: Coinbase, Kraken, Cex, Bitfinex, Poloniex…

In the cryptocurrency market exchanges are often divided into two types: fiat-crypto gateway (BTC/USD, ETH/USD, LTC/USD…) and altcoins (BTC/ZRX, BTC/DNT, ETH/ADA…)

This is important to point out because later we will discuss some common problems associated with decentralized exchanges (DEX) that are caused by these points.

Decentralized exchanges

Unlike centralized exchanges, DEXs aren’t owned by anyone. Instead, they are constructed on the same distributed ledger technology as Bitcoin and utilize smart contracts for order execution. This is important to point out, as this means that they do not hold funds for their beneficiaries or any other relevant information regarding the identity or location.

Some common examples are: Etherdelta, IDEX, Radar Relay.

Problem – Solution

Centralized exchanges are charging high fees, which is something cryptocurrencies strive to eliminate. They can be hacked which happened numerous time in the past.  They have the ownership of your funds, which is something that’s not aligned with the advantages of cryptocurrencies in general (cryptos take pride in the part that people have control of their own money). Crypto-unfriendly governments can cut or ban their operations. For all the above reasons they are viewed as the weakest link in the cryptocurrency market ecosystem.

That’s why decentralized exchanges are offered as a solution to the listed problems. They cannot be hacked, they cannot be tampered with, they are censorship resistant and do not hold your funds.

While DEXs are more beneficial when it comes to security (from hackers and government interference), anonymity and cost, there are still great challenges that they need to overcome in order to compete with their centralized competition. They are still difficult to use for the common person, as you would have to be crypto/tech savvy; they are somewhat limited in functionality and/or limited on the type of a cryptocurrency (for example only ERC20 tokens), and most importantly they don’t guarantee liquidity.

Having liquidity and a large trading volume is most important because we as traders are all about fast execution. And if you have to wait for hours for your order to get filled, by the time you might get fill you aren’t potentially looking at a good buy or sell opportunity.

Because of this, DEXs haven’t been much used, compared to their centralized counterpart. But there are projects out there that are going to solve that problem as well. In the following paragraphs, we will review most promising DEX projects.

0x Protocol

0x is a protocol. That means it serves as a layer on top of the Ethereum blockchain for actually building decentralized exchange applications. They describe in their whitepaper that 0x is “a protocol that facilitates low friction peer-to-peer exchange of ERC20 tokens on the Ethereum blockchain. The protocol is intended to serve as an open standard and common building block, driving interoperability among decentralized applications (dApps) that incorporate exchange functionality. Trades are executed by a system of Ethereum smart contracts that are publicly accessible, free to use and that any dApp can hook into. DApps built on top of the protocol can access public liquidity pools or create their own liquidity pool and charge transaction fees on the resulting volume.”

OmiseGo

OmiseGO is a project that incorporates many things, but having in mind the focus of this editorial we are going to point out their dex platform.

OmiseGO is building a decentralized exchange, liquidity provider mechanism, clearinghouse messaging network, and asset-backed blockchain gateway. OmiseGO is not owned by any single one party. Instead, it is an open distributed network of validators which enforce behavior of all participants. It uses the mechanism of a protocol token to create a proof-of-stake blockchain to enable enforcement of market activity amongst participants. This high-performant distributed network enforces exchange across asset classes, from fiat-backed issuers to fully decentralized blockchain tokens (ERC-20 style and native cryptocurrencies). Unlike nearly all other decentralized exchange platforms, this allows for decentralized exchange of other blockchains and between multiple blockchains directly without a trusted gateway token.”

Source: OmiseGO whitepaper

Airswap

Airswap is similar to 0x in a sense that it will allow users to exchange only ERC20 tokens, and in a sense that it’s a consensus project. The difference is that the transaction on Airswap happens off the chain.

“We present a peer-to-peer methodology for trading ERC20 tokens on the Ethereum blockchain. First, we outline the limitations of blockchain order books and offer a strong alternative in peer-to-peer token trading: off-chain negotiation and on-chain settlement. We then describe a protocol through which parties are able to signal to others their intent to trade tokens. Once connected, counterparties freely communicate prices and transmit orders among themselves. During this process, parties may request prices from an independent third party oracle to verify accuracy. Finally, we present an Ethereum smart contract to fill orders on the Ethereum blockchain.”

Source: Airswap whitepaper

Kyber Network

Kyber network is my favorite project as they tend to emulate the exact same functionalities and user experience as centralized exchanges.

We design and build KyberNetwork, an on-chain protocol which allows instant exchange and conversion of digital assets (e.g. crypto tokens) and cryptocurrencies (e.g. Ether,
Bitcoin, ZCash) with high liquidity. KyberNetwork will be the first system that implements several ideal operating properties of an exchange including trustless, decentralized execution, instant trade and high liquidity.

The only thing that’s different is that they don’t have the order book in order to finally solve the liquidity issue.

Instead of maintaining a global order book, we maintain a reserve warehouse which holds an appropriate amount of crypto tokens for purposes of maintaining exchange liquidity. The reserve is directly controlled by the Kyber contract, and the contract has a conversion rate for each exchange pair of tokens by fetching from all the reserves. The rates are frequently updated by the reserve managers, and Kyber contract will select the best rate for the users. When a request to convert from token A to token B arrives, the
Kyber contract checks if the correct amount of token A has been credited to the contract, then sends the corresponding amount of token B to the sender’s specified address. The
amount of token A, after the fees, is credited to the reserve that provides the token B.

Source: Kyber Network whitepaper

Conclusion

Having experienced these problems of centralized exchanges early on, cryptocurrency ecosystem has already come up with the solution – decentralized exchange applications. They are still far from perfect but as you can see from these promising examples, some major obstacles are already being solved as well. First generation failed but offered a great insight on how and where to look for progress. That’s the beauty of the free market – problems are being solved and those who can’t compete are left behind.   

Final note

The greatest threat of centralized exchanges aren’t the reasons I’ve listed. The greatest power centralized exchanges have is maker manipulation. They collect so many cryptos through fee’s that they can manipulate the price in many ways. They also have awareness of the order book flow that they can use to their advantage.

Something like that happened on October 8. last year on Bittrex exchange. Even though they denied the accusations of market manipulation, the research done by The CryptoSyndicate Research Lab paint a different story.

For more check out the original post:

https://thecryptosyndicate.com/opinion-bittrex-anomaly/

In the spirit of decentralization which cryptocurrencies carry and promise, in order to achieve taking power back from centralized entities, decentralized exchanges are emerging widely. It is up to us to choose what’s best for us, so I have not doubt in my mind that DEXs will become a new standard in the near future, but only after they offer easy user experience and liquidity.

Having said that, and having in mind the projects that are already out there, “near future” may be sooner than we think.

©Forex.Academy

Categories
Crypto Market Analysis

ZRX/USD Buying Opportunity

0x (ZRX)

Market Cap. $592.68M

Circulating Supply: 524.68M ZRX

Max Supply: 0 ZRX

Volume (24h): $17.70M

 

ZRX/USD price jumped up by 11.48% today and by 42.06% in the last 7-days becoming an important performer. Price has finally managed to jump above the 1.0000 psychological level signaling that the bulls have taken full control. Right now is important that the rate close the day somewhere near the 1.1500 today’s high.

0x Price Prediction

The rate has moved sideways on the short term signaling and oversold and a potential upside movement. ZRX/USD has managed to break out above the minor downtrend line after the failure to reach the 0.3525 lowest low.

Price has found strong support at the 250% Fibonacci line of a former ascending pitchfork and now has jumped above the 50% Fibonacci line (red ascending dotted line) signaling that the rate will resume the upside movement.

The next upside target is at the median line (ml) of the red ascending pitchfork. It could be reached in the upcoming days. Only a valid breakout above this major dynamic resistance will confirm a further increase towards the 2.0000 psychological level and towards the upper median line (uml).

Technically, it is expected to move towards the 3.0000 level in the upcoming weeks and months if the crypto market will continue the rebound and as long as it will stay within the ascending pitchfork’s body.

ZRX/USD buying opportunity - Forex Academy

ZRX/USD made a valid breakout above the 50% Fibonacci line after several breakout attempts. It could be attracted by the confluence formed between the median line (ml) with the first warning line (wl1) of the former ascending pitchfork. The current upside movement is natural after the several false breakdowns below the lower median line (lml).

Conclusion

The perspective is bullish on the short term, so you should place a Stop Loss somewhere below the 0.4531 if you decide to go long on this crypto on the medium to the long term.

©Forex.Academy