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.
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 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