0x (ZRX) Price Action Is Trying to Defy Gravity

After price action in the ZRX daily market gained upside traction around mid-February, it could be seen that the market has been trending upwards since then. The market has progressed northward as if to defy all downward forces. Today’s session has maintained the record but has seen some corrections, considering some features.

ZRX Statistics:
Current 0x Value: $0.8222
0x Market Cap: $709,208,105
ZRX Circulating Supply: 1,000,000,000
ZRX Total Supply: 1,000,000,000
0x CoinMarketCap Rank: 128

Key Price Levels:
Resistance: $0.8222, $0.8400, and $0.8800
Support: $0.8200, $0.8000, and $0.7800

0x Market Stays Bullish Above the Bollinger Bands

Price action in the ZRX daily market crossed above the uppermost band of the Bollinger Bands indicator in the previous session. There was a massive price increase during that session, and buyers were able to retain most of it. The last price candle in this chart is still bullish at this point but seems to have been significantly pressed upon by downward forces.

Nevertheless, it has kept the market trading above the uppermost limit of the Bollinger Bands. Also, the Moving Average Convergence Divergence indicator continues to rise smoothly upward above the equilibrium level of the indicator. In addition, the bars of the indicator stay solid green, pointing out that upside momentum is quite strong and will likely keep the market marching toward higher marks.

ZRX Bulls Maintain a Strong Foothold Against Downward Forces

In the 0x 4-hour market, it could be seen that price action is consistent with upside moves. Interestingly, the last price candle here seems to suggest that the session has secured a strong foothold above the $0.08000 mark. Nevertheless, it could be seen that the ongoing session has previously tested the $0.09000 mark, but upside forces weren’t strong enough to break that resistance.

Instead, the market has contracted downward, thereby hinting that upside and downward forces are exerting some pressure. To that effect, the MACD indicator bars are now pale green, but still above the equilibrium level. This shows that the market is weakening in terms of upside momentum. However, since there is no clear bearish indication yet from trading indicators, traders can still use bullish crypto signals with a target near $0.9000.

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