- The ZRX coin price is making a sequence of highs and higher lows.
- The 50-day EMA and the 200-day EMA are on the verge of a bullish crossover.
Founded in 2016 by Will Warren and Amir Bandeali, Ox (ZRX) is a protocol for decentralized exchange that allows users to trade ERC20 tokens and other assets on different blockchains. The protocol facilitates over $200 Billion in trading volume and is used by companies building wallets, DEXes, portfolio trackers, and other web3 apps.
Previous Actions of the ZRX Token
After the bearish rally, the ZRX coin price came to the pivotal level of $0.145. That level acted as a trampoline for the surge of over 150% in the price in January 2023. However, there was a trend reversal when the price reached the $0.389 resistance level.
Subsequently, the price moved in a downtrend which lasted for ten months. It dropped to the $0.159 demand level and once again that level acted as a pivotal level. The ZRX price broke above the trendline forming below at the $0.186 level.
In the current month, the ZRX price recovered almost 34% after the retest of the $0.159 demand level. The price is probably moving toward its immediate resistance of $0.389 in the monthly time frame.
There are currently 847,496,055 ZRX coins in the crypto market with a total value of $219,039,350. The 24-hour volume has increased by 95.03%, which impacted the increase of 8.14% in the market capitalization.
Technical Analysis of the ZRX Coin
The ZRX price is moving above the 50-day EMA and the 200-day EMA, reflecting an uptrend. Both the EMAs are on the verge of a bullish crossover, which can result in a strong uptrend. The 50-day EMA is at $0.209 while the 200-day EMA is at the $0.211 level.
The price has given a breakout from the last long trendline at the $0.186 level. The breakout level has become an important support level for the bullish rally. In the last three trading sessions, the price has rejected the $0.221 level, which signifies the buyers’ dominance in the current trading phase. The price is now moving toward the $0.324 resistance level.
Furthermore, the relative strength index (RSI) is showing a strong bullish momentum toward the 70-mark upper band. The RSI is sloping at 64.61, slightly above the signal line.
Conclusion
The ZRX coin price is currently moving in an uptrend after the breakout of a ten-month trendline. Both the EMAs are on the verge of a bullish crossover, indicating an upcoming bull run. At press time, the price has rejected the $0.221 level, which signifies the buyers’ dominance in the current trading phase. The price is moving toward the $0.324 resistance level. It also has the required potential to reach the next resistance level at $0.389.
Technical Levels
- Resistance levels: $0.275 and $0.324
- Support levels: $0.202 and $0.145
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto assets comes with the risk of financial loss.