Bitcoin
BTC$76 556.14

0.12%

Ethereum
ETH$2 925.60

2.08%

Tether
USDT$1.000823

0.01%

Solana
SOL$199.65

1.97%

Binance Coin
BNB$594.50

-1.06%

USD Coin
USDC$1.000004

0.02%

0x (ZRX) Is Breaking Critical Resistance Levels


June 2020

#0x

Over time, ZRX has proven to be quite a robust mid-table altcoin that actively shows signs of life, despite being in a long-term consolidation that resulted from the bear market of 2018/2019. The coin that serves the open-source protocol for smart contracts had dealt quite well with the March crisis - so much so, that traders are now witnessing the emergence of a legitimate minor uptrend, although it is still at a nascent stage of development.

Finding the retracement bottom


The chart below shows 0x attempting to shake off the shackles of a tedious consolidation that kept the price in the bearish waters. Ever since November 2018, ZRX had been bouncing up and down between $0.14 and $0.33, trying unsuccessfully to find the exit from the narrow range.

Historical price chart of ZRX

The two months old flash crash must have served as the necessary catalyst for the buying activity because 0x has just made an incredible run to the upside, having gained 105% against USD and 54% against Bitcoin in the past 30 days. In doing so, the coin has also established a new higher high, with the first one being registered at $0.34.

Right now, the price is in a very sensitive position because it has only a small space between the said resistance (now support) and an even earlier resistance at $0.37 to make a move.

1-year ZRX chart

However, there is also a possibility that ZRX is going to establish a new low at $0.3, at the descending channel line. The retracement to $0.3 would be the healthiest option because the retest of that area would signify that the market participants have come to the consensus regarding the new price.

After switching to the weekly candlestick chart, we see that there is a wide area towards which the price can make a pullback in the next few days, which has already begun. Historical data shows that 0x has the proclivity to have deep troughs at the end of each cycle, nearly 30% on average, but that was within the context of the bear market.

1-week ZRX/USDT chart

With the prolonged bullish rally on the horizon, ZRX can’t afford to lose so much value, so we have estimated the largest probable pullback in the current play to be 22%, which would lead it to the bottom of the gray box and the price level at $0.3. Dipping below that level would mean the possibility of cancelation of uptrend and reversion back to consolidation. Therefore, if you have already gone long on ZRX, make sure to place stop-loss somewhere below the lower line of the gray box.

Despite the fact that the bears are still trying to force ZRX to the downside, the selling volume can’t match the buying one of the previous weeks, so the underlying sentiment in the market should be bullish. Therefore, traders should expect another strong upward impulse as soon as the bullish flag resolves itself. MACD is immensely bullish on the weekly chart, as it is close to fully rising above zero, with the MACD line approaching 0.02 swiftly. Also, one can’t help but notice a bullish divergence on Stochastic, which also signals that the bullish rally will persist. After the pullback, the next price target would be $0.92.  

Author: Alex Paulson for Crypto-Rating.com

Related

0x (ZRX): Steep Correction is Over. What Next?
0x (ZRX): Steep Correction is Over. What Next?
ZRX Price Prediction for 2020 to 2025
ZRX Price Prediction for 2020 to 2025
0x (ZRX) Flashes Clear Bullish Signals
0x (ZRX) Flashes Clear Bullish Signals
0x (ZRX): Divergence-Backed Bullish Expectations
0x (ZRX): Divergence-Backed Bullish Expectations
0x (ZRX) Project: Awaiting Pullback
0x (ZRX) Project: Awaiting Pullback
0x (ZRX) Price Prediction for December 2019
0x (ZRX) Price Prediction for December 2019

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 84% 31 $76 556.14 0.12% 9.80% $1 514 243 134 595 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 83.2% 24 $2 925.60 2.08% 16.33% $352 300 793 965 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $1.000823 0.01% 0.09% $122 054 062 229 USDT 7 days price change
4 Solana (SOL) SOL Solana predictions 75.2% 54 $199.65 1.97% 19.85% $94 145 766 332 SOL 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 90.8% 5 $594.50 -1.06% 3.30% $85 666 496 935 BNB 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 95.6% 1 $1.000004 0.02% -0.01% $36 941 684 899 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 91.6% 12 $0.547591 -1.21% 6.03% $31 140 763 660 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 68.8% 65 $0.193163 -0.82% 19.61% $28 338 699 248 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 90% 14 $0.447849 14.55% 25.75% $15 676 070 678 ADA 7 days price change
10 TRON (TRX) TRX TRON predictions 95.6% 2 $0.160949 0.44% -3.75% $13 909 587 389 TRX 7 days price change
11 Toncoin (TON) TON Toncoin predictions 84% 20 $4.89 -0.42% -0.92% $12 451 787 123 TON 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 75.2% 44 $28.17 1.95% 12.79% $11 469 613 239 AVAX 7 days price change
13 SHIBA INU (SHIB) SHIB SHIBA INU predictions 55.2% 94 $0.000019 -1.60% 5.61% $10 964 024 628 SHIB 7 days price change
14 Lido stETH (STETH) STETH Lido stETH predictions 96% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 96% 1 $0.116354 -0.46% 0.23% $10 171 995 609 WTRX 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2024 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.