ZRX Technical Analysis: Price Above the First Fibonacci Pivot Resistance Level of $1.15
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ZRX Technical Analysis: Price Above the First Fibonacci Pivot Resistance Level of $1.15

June 2, 2021      Ankita Awasthi

0x is a liquidity aggregator for cryptocurrency transactions. It also provides a robust platform for building DeFi applications. Lower revert rates, cost-efficiency, and speedy response times are the standout features of this blockchain network. ZRX is the native token of this ecosystem and its technical analysis is as follows:

Past Performance

On May 26, 2021, ZRX opened at $0.98. On Jun 1, 2021, ZRX closed at $1.03. Thus, in the past week, the ZRX price has increased by approximately 5%. In the last 24 hours, ZRX has traded between $1.02-$1.20.

https://s3.tradingview.com/snapshots/5/5brKxWaV.png

https://s3.tradingview.com/snapshots/5/5brKxWaV.png

Day-Ahead and Tomorrow

Currently, ZRX is trading at $1.16. The price has increased from the day’s opening price of $1.03. Thus, the market seems bullish.

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The MACD and signal lines are negative. Thus, the overall market momentum is bearish. However, a bullish crossover by the MACD line over the signal line has occurred. Plus, both the lines are closer to the zero line and may turn positive soon. Thus, the price may increase further with an intermittent price pullback.

Currently, the RSI indicator is at 50%. It faced rejection at 43% and rose to this level. Thus, buying pressures are slowly building up. Hence, the ZRX price may start rising in some time.

Besides, the OBV indicator is steadily rising. Thus, buying volumes are higher than selling volumes. High buying activity will exert upward pressure on the ZRX price.

In a nutshell, all three oscillators have indicated an impending price rise. However, intermittent price pullbacks as a part of the price correction process, cannot be ruled out.

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ZRX Technical Analysis

Currently, the price is above the first Fibonacci pivot resistance level of $1.15. The price may soon fall below it and further below the Fibonacci pivot point of $1.08. Thereafter, we have to wait and watch, if the price resumes its upward journey.

The price has tested and fallen below the 23.6% FIB retracement level of $1.16. The price is likely to retest and break out of this level after some time. If by day end, the price surpasses the 23.6% FIB extension level of $1.24, then the price uptrend is strong and may continue tomorrow as well.

#Ox #ZRX
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.