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The 0x Protocol token experienced a sudden price surge today, propelling it into the spotlight as it secured the second spot on the daily top crypto gainers list. However, price action in this market subsequently came under pressure within the same session, leading to a significant price decline. Despite this, bulls are still holding onto considerable gains in the market.
0x Protocol Statistics
ZRX Current Price: $0.2969
Market Capitalization: $247.82M
Circulating Supply: 848.39M
Total Supply: 1B
CoinMarketCap Rank: 166
Key Price Levels
Resistance: $0.3000, $0.3500, $0.4000
Support: $0.2500, $0.2000, $0.1500
ZRX/USDT Bulls Retreat Below the $0.3000 Price Level
As of this writing, price action in the 0x Protocol daily market remains in the green. However, this does not erase the fact that the market has faced significant resistance. The token continues to trade above the 20-day and 50-day Moving Average (MA) curves, while the 100-day and 200-day MA lines have crossed above the price action. This crossover appears to be the primary cause of the downward contraction seen in the ongoing session.
The Stochastic Relative Strength Index (RSI) lines have recently formed an upward crossover in the overbought region. Additionally, the ensuing lines maintain an upward trajectory, reinforcing the possibility of an extended upward retracement.
0x Protocol Downward Retracement Extends
The ZRX market has continued to record price declines in the 4-hour timeframe. The latest price candle is red, serving as an extension of the downward contraction seen in the previous session. As a result, price action has fallen below the $0.3000 level.
Despite this pullback, the token remains above all the MA lines. Meanwhile, the Stochastic RSI maintains a general upward trajectory. However, the lead line of the indicator has slightly deflected downward, reflecting the ongoing retracement. Given that price action is still above all the MA lines, traders may still target the $0.3500 price level.
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