0x is a liquidity aggregator which facilitates the development of futuristic decentralized applications. It offers competitive prices, lower revert rates, and speedier response times as compared to similar aggregators in the market. This blockchain network allows users to swap ZRX tokens by writing a few lines of code. ZRX technical analysis is as follows:
On April 3, 2021, the opening price of ZRX was $2.01. On April 9, 2021, ZRX closed at $2.15. Thus, in the past week, ZRX price has risen by roughly 7%. In the last 24 hours, ZRX has traded between $2.15-$2.37.
Day-Ahead and Tomorrow
Currently, ZRX is trading at $2.26. Thus, the price has increased from the opening price of $2.16. Thus, the market looks positive.
The MACD and signal lines are negative. A bearish crossover by the MACD line over the signal line has also occurred. Thus, the market momentum is bearish, and we can expect the price to go down.
The OBV indicator has started falling. Thus, selling volumes are gradually overtaking the buying volumes. Hence, we can expect the price to start declining.
The RSI indicator is currently at 41%. The indicator has just rallied from the oversold region. It is a great time for day traders to go long. However, the selling pressures are still high. Hence, we can expect a price drop for some time.
ZRX Technical Analysis
As per technical analysis, the price is currently above the Fibonacci pivot point of $2.22. As the oscillators are showing bearish signals, we can expect the price to fall below the pivot point soon. It may further fall below the first support level of $2.14 if the bulls do not gain strength.
The price has tested and fallen below 50% FIB retracement level of $2.26. By day end, if the price tests and breaks out of the 23.6% FIB retracement level of $2.32, we can be assured that the bullish trend is strong. In that case, the price upswing may continue tomorrow as well.