Bitcoin
BTC$19 140.20

0.69%

Ethereum
ETH$1 052.12

-0.25%

Tether
USDT$0.999073

0%

USD Coin
USDC$1.000180

0.03%

Binance Coin
BNB$216.97

-0.05%

Binance USD
BUSD$1.000661

0.08%

0x (ZRX): Steep Correction is Over. What Next?


October 2020

#0x

Since the burst of the crypto bubble of 2017/2018 and up until the emergence of decentralized finance (DeFi), 0x (ZRX) hasn’t been much of a gainer. It has been kept under $0.30 by the sellers for months, until May 13, when the price had broken the downtrend resistance at $0.034 and initiated a bull rally. It took ZRX only 160 days to make 830% to the upside, which gave traders enough reason to start seeing this move as a potential downtrend reversal.

0x dives into the consolidation zone


As of this writing, ZRX is valued at $0.38 after being pulled back by 2.6% in the last 24 hours. Due to the correction, the past month has been bearish for the 53rd altcoin since its USD value has dropped by 14%, along with that of BTC (-22.8%) and ETH (-31.2%). Obviously, a decrease in value had a negative impact on the market capitalization that slid from $550 million on August 23 to the present $289 million. Also, we have noticed a significant drop in the average trading volume in the last 60 days, which went from $120 million on exchanges like Coinbase, Binance, and BitMax, to the current $30 million that was interpreted as a signal of approaching consolidation.

1-week ZRX/USDT chart

On the weekly chart, we have applied the trend-based Fibonacci extension grid to determine the levels of retracement and potential price targets. It is clear that over the last three weeks, the sellers have eased their pressure after dunking the price below 0.236 on Fibo ($0.390) and putting it inside the consolidation channel, seen during the breakout of downtrend resistance. If 0x fails to close the week above $0.39, which is highly likely, given that the entire market began pulling back after three bullish days, that price level will become the resistance for the next few weeks, while the sellers would persist in pushing the price to $0.3, the support level to the downside.

But should the buyers gather enough strength to make a push above 0.236, they are likely to be met with fierce resistance at 0.382, or $0.45, thus only extending the consolidation range. Here we see that the Stochastic indicator is deep in the oversold zone, though it still has room to support the price move to $0.3.

The analysis of price action on the daily time frame confirms our bearish expectations regarding 0x. The Ichimoku Cloud (IC) indicator shows a huge resistance that is piling up above ZRX, which means that it would take an extraordinarily large influx of buying volume to go past that red Kumo cloud, which is also the area when you mustn’t take any trades.

1-day ZRX/USDT chart

The lagging span of IC confirms the downtrend direction, though we also notice the early signs of bullish divergence on RSI, but it still needs to confirm itself by reaching 53.5. There’s hardly any doubt that 0x will be held tight by the bears for at least another four weeks.  

Author: Alex Paulson for Crypto-Rating.com

Related

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) Is Breaking Critical Resistance Levels
0x (ZRX) Is Breaking Critical Resistance Levels
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 60.8% 88 $19 140.20 0.69% -10.68% $365 286 501 881 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 55.6% 93 $1 052.12 -0.25% -14.42% $127 732 400 345 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $0.999073 0% -0.04% $66 020 314 113 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 92% 1 $1.000180 0.03% 0.02% $55 812 644 858 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 61.2% 75 $216.97 -0.05% -9.70% $35 426 838 093 BNB 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 95.2% 1 $1.000661 0.08% 0.04% $17 558 830 487 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 64% 69 $0.316937 1.69% -12.93% $15 321 697 757 XRP 7 days price change
8 Cardano (ADA) ADA Cardano predictions 65.6% 71 $0.448043 0.04% -11.32% $15 122 596 829 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 66% 69 $32.98 0.94% -19.51% $11 325 363 890 SOL 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 70.4% 62 $0.066106 1.00% -14.30% $8 770 292 754 DOGE 7 days price change
11 Dai (DAI) DAI Dai predictions 92% 1 $1.000314 0.02% 0% $6 923 688 572 DAI 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 69.6% 67 $6.72 0.35% -17.69% $6 633 125 820 DOT 7 days price change
13 TRON (TRX) TRX TRON predictions 62.4% 74 $0.065691 3.85% -4.12% $6 075 697 886 TRX 7 days price change
14 UNUS SED LEO (LEO) LEO UNUS SED LEO predictions 70% 54 $5.88 2.75% 0.12% $5 608 593 130 LEO 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 68% 63 $0.000010 1.24% -13.41% $5 530 696 233 SHIB 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.

© 2015-2022 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.