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The activity on the 0x market has revealed that the market has triggered a strong headwind. Subsequently, downward forces promptly acted on price movement and caused a sharp price decline. However, the ongoing session seems to have presented some resistance against a continued downward retracement in this market. Let’s see how things may fare in this market.
Key Price Levels:
Resistance: $0.8912, $0.9500, and $1.150
Support: $0.8900, $0.8600, and $0.8500
0x Resistance Against Headwinds Seems to Be Getting Crushed
Today’s trading activities in the ZRX market have tried to abate the steep downward retracement that occurred as soon as price action tested the $1.400 mark. The first attempt to break the fall at the 23.60 Fibonacci Retracement level failed. The current resistance was staged just below the $1.00 price level and has already contracted significantly as of the time of writing.
Price action in this market lies in between the green and red sets of the Guppy Multiple Moving Average (GMMA) curves. Although the ongoing session still retains some of the recorded gains so far, it looks quite likely that they may be erased soon. Nevertheless, the Stochastic Relative Strength Index (SRSI) indicator lines are still approaching a bullish crossover in the oversold region, which fails to offer much hope at this point.
Are ZRX Buyers Strong Enough to Keep Swimming Against the Tides?
The 0x 4-hour market has further shed light on developments in the market. Here, it could be seen that price action seems to have resumed the downtrend. This could be seen in the bearish price candles that have started appearing on the price chart since the previous session. Also, the current price of the token lies below the lines of the GMMA indicator.
However, the hope of a trend reversal seems consistent in this market, from the daily market to the 4-hour market. Here, despite the opined resumption of the downward retracement, the lines of the SRSI indicator maintain an upside bearing. Consequently, this seems to suggest that price action may change course towards the $1.00 mark. However, traders who choose to make use of bullish crypto signals in this market may do so as a gamble.
