Following the previous price surge in the 0x market, which ended on the 13th of March, downward pressure has persisted, driving prices towards lower levels. However, buyers appear to have re-entered the market based on the behavior of price movements.
Key Price Levels:
Resistance: $0.7483, $0.7500, and $0.7700
Support: $0.7400, $0.7200, and $0.7000
0x Smoothly Bounces Off the Support at $0.6174
Price activity in the ZRX market can be observed to have made a smooth turnaround off the support level at the $0.6174 mark. This appears to be a result of buyers re-entering the market at a low entry point. Consequently, price action has begun to rise through the intersecting Guppy Multiple Moving Average (GMMA) lines.
Similarly, the Stochastic Relative Strength Index (SRSI) indicator lines have turned upward, rising out of the oversold region. The SRSI lines are now at the 30 and 21 levels of the indicator, transitioning from leading to lagging lines. This aligns with the view that upside momentum is increasing, and participants can still utilize bullish crypto signals here.
ZRX Price Action Attempts to Maintain an Upward Trajectory
In the 0x 4-hour market, it appears that price action has encountered resistance in the ongoing session. The last price candle is positioned above the crossed lines of the GMMA indicator. Additionally, MACD indicator lines continue their upward trajectory, even though the lines above the equilibrium level are now pale green.
This implies that upside momentum is being hindered by headwinds. Therefore, traders can maintain optimism in this market toward the $0.8000 mark. However, considering that the uptrend appears to have been affected, they must take the necessary precautions.
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