0x Protocol (ZRX) Is Struggling to Reach the $0.2600 Mark

0x’s price action remains determined to achieve its upside target after experiencing a considerable gain today. However, bears have pushed back and caused prices to retract to lower levels. Despite these fluctuations, price action maintains a favorable position against headwinds.

Key ZRX Statistics:
Current 0x Protocol Value: $0.2330
0x Protocol Market Cap: $202,060,680
Circulating Supply of ZRX: 847,496,055
Total Supply of ZRX: 1,000,000,000
0X Protocol CoinMarketCap Ranking: 130

Key Price Levels:
Resistance: $0.2330, $0.2400, and $0.2500
Support: $0.2300, $0.2200, and $0.2100

0x Protocol Maintains Trading Above the $0.2300 Price Level

After testing the resistance near the $0.2600 mark in the ZRX daily market, a noticeable downward correction occurred, causing prices to fall below the $0.2400 threshold. Nevertheless, trading continues to take place above the 61.80% Fibonacci Retracement level.

Consequently, trading remains above the 21-day Moving Average (MA) line. Furthermore, the Relative Strength Index (RSI) indicator indicates that upside forces are still active and are likely to trigger further upward corrections in this market. This is evident as both the leading and lagging lines of the indicator continue to rise steadily into the overbought zone.

ZRX Maintains a Favorable Position Despite Setbacks

A closer look at the 0x token’s 4-hour market reveals that more buyers have been entering short positions in the past two trading sessions. The last two red-price candles on the chart confirm this. Additionally, a sideways crossover can be observed on the RSI indicator.

However, the token’s price action remains significantly above the MA line, suggesting that buyers may resume placing long trades, particularly above the $0.2200 price threshold. Consequently, this may lead the token to resume its upward correction towards the $0.2600 price mark.

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