Price action in the 0x market rose significantly today after it had dragged a bit under the $0.2400 level. However, today’s considerable tailwind has brought some upside traction to this market.
0x Analysis Data:
ZRX value now: $0.2562
ZRX market cap: $215.91 million
0x moving supply: 847.50 million
0x Total Supply: 1 billion
ZRX Coinmarketcap ranking: #149
Major Price Levels:
Top: $0.2562, $0.2600, $0.2645
Base: $0.2522, $0.2500, $0.2450
0x Price Action Spikes in the Upside Direction
ZRX/USD price was able to break the 31.80 Fibonacci resistance level, to reach the price of $0.2562 from around $0.2210. Also, applied technical indicators are also positive about this current price move. The Stochastic RSI indicator has indicated that price action is gaining upside traction. This could be seen as the lines of this indicator having performed an upside crossover in the oversold region. Likewise, the MACD indicator has performed another crossover far above the equilibrium level. Additionally, we can see that price activities in this market are occurring above the middle limit of the Bollinger band. Consequently, all the applied trading indicators continue to reveal that the price action may keep moving upward in the meantime.
0x/USD Ramps up More Violently From Its Previous Upside Path
On the 4-hour market, ZRX/USD continues to acquire more upside momentum. Looking at the 4-hour chart, we could see that price action has been generally on an upward path for a while. However, at this point, we can observe that an increase in upside momentum has caused price candles to further lift up from their previous upside path. Furthermore, the increase in upside momentum was revealed by the MACD indicator. One could see the MACD lines moving more sharply in the upside direction, while its histogram bars grew even green and taller. Also, RSI has performed an upside crossover to indicate a gain in upside momentum. Therefore, going by the signs coming from technical indicators, 0x price versus the US dollar may move toward the $0.2650 price mark.
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