0x Protocol (ZRX) Bulls Are Looking Good

The 0x Protocol token has been experiencing moderate gains. Although the gains have been consistent, they seem to gradually rise past important technical landmarks. As of the time of writing, the token has seen a price increase of 4.53%, and some indications suggest further price increases.

ZRX Statistics:

ZRX Price: $0.5498

0x Protocol Market Capitalization: $463.53M

0x Protocol Circulating Supply: 848.39M

ZRX Total Supply: 1B

0x Protocol CoinMarketCap Rank: 174

Key Price Levels:

Resistance: $0.5500, $0.6000, $0.6500

Support: $0.5000, $0.4500, $0.4000

 

0x Protocol Prepares to Break the $0.6000 Price Level

Price action in the ZRX daily market appears to have formed a bullish breakout pattern. This is evident as price action has formed a “W” pattern off support at the $0.4463 level. As a result, the last price candle has risen above all the Moving Average lines. Similarly, the current price of the candle appears to be facing little downward pressure.

Meanwhile, the Stochastic Relative Strength Index (RSI) indicator lines are now high in the overbought region. However, considering the appearance of the last price candle on the chart, downward forces aren’t that strong in this market, and the RSI lines may stall near the 100 mark, allowing price action to move higher.

 

ZRX Bulls Maintain a Collected Appearance

Even in the 0x Protocol 4-hour market, it can be seen that the current session continues in the green. However, here, the last price candle on the chart lies below the 200-day MA lines. Meanwhile, the Stochastic RSI lines are also in the overbought region, but the lines of the indicator have a sideways trajectory.

Although considering the dominance of buyers in the current session, it seems that an upside crossover on the Stochastic RSI is imminent. This will further confirm the continued dominance of upside forces. As a result, price activity may break the 0.6000 resistance.

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