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The price action of 0x broke a six-month resistance in the previous session. Furthermore, the ongoing session seems to have secured newfound support above the $0.2600 mark. Despite the rejection experienced in the ongoing session, this market still holds a fairly optimistic outlook.
Key ZRX Statistics:
Current 0x Protocol Value: $0.2812
ZRX Market Cap: $242,032,335
Circulating Supply of ZRX: 847,496,055
Total Supply of the 0x Protocol: 1,000,000,000
ZRX CoinMarketCap Ranking: 133
Key Price Levels:
Resistance: $0.2812, $0.2900, and $0.3000
Support: $0.2800, $0.2700, and $0.2600
ZRX Still Faces Rejection But Generally Maintains an Upward Focus
Today’s trading session in the 0x protocol daily market initially printed massive gains. However, bears have caused the loss of a significant part of the printed gains. This is revealed by the long upper shadow on the session’s price candle. Nevertheless, this token continues to trade above the Guppy Multiple Moving Average (GMMA) curves.
Additionally, the Relative Strength Index (RSI) indicator lines have retained an upside focus despite the downward correction experienced in the ongoing session. Considering the agreement of the two applied technical indicators on this price chart, it can be observed that this market still holds some promise.
0x Protocol Recovers From Bearish Pressure
In the 4-hour ZRX market, the nature of the experienced downward correction in today’s trading activities can be identified. Meanwhile, the appearance of a moderately large price candle in the ongoing session has signaled that buyers are re-entering the market. Also, this last price candle has kept the price of this token above three out of the five green sets of the GMMA indicator lines.
Furthermore, the Moving Average Convergence Divergence (MACD) indicator lines are still above the equilibrium level of the MACD indicator. However, due to the recent losses, the indicator lines have a rather sideways bearing. For the most part, traders can still hold onto the opinion that this market may continue towards the $0.3000 mark.
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