0x Price Analysis – The ZRX Surge Above $0.20 Could Signal a Bull Run

By January 10, 2020Ethereum
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Key highlights:

  • 0x is maintaining its bullish trend on the hourly chart.
  • If the daily channel pattern fails to break upwards, ZRX may remain trapped in a bearish zone.

*Price at the time of writing

ZRX price long-term trend: Bearish

0x is a decentralized protocol that allows developers to create their own decentralized cryptocurrency exchange. 0x’s open protocol is built on the Ethereum blockchain using its smart contract capabilities for on-chain decentralization.

ZRX, the 39th largest coin on the market, is currently trapped in a falling channel. The December 8 price rejection at $0.22 shows that the market might still suffer further loss es against the US Dollar. As we can see, the price has slightly dropped and is now sitting at the $0.20 support.

It may further drop to key support at $0.173. A drive below this support might roll over 0x to the channel’s support at $0.14. Looking at the latest price formation, ZRX could resume a bullish move if the $0.20 support level can provide a rebound.

In anticipation, the resistance levels to watch out for are $0.275, $0.31 and $0.335 area. However, a channel breakout is necessary for a potential swing upwards.

0x Daily Chart

ZRX price medium-term trend: Bullish

Yesterday, 0x moved out of a tight range in the $0.173 - $0.198 area after trending sideways for about three weeks. After surging to $0.225, ZRX retraced back to the previous break level of $0.198, which was then followed by a small bounce to where 0x is now priced at $0.20.

This reveals that buyers are showing interest, although they need to push the price higher to confirm a bullish trend. In this case, we can expect near resistance at $0.215 before rallying to $0.23 and $0.25 in the coming days.

On the other hand, this bullish signal would turn to a fake-out if the ZRX market falls and trades back within the aforementioned range. Should such a scenario occur, the sellers would be looking for the $0.185 and $0.173 support levels one more time. From a technically perspective, the buyers are more likely to assume control of the ZRX market.

0x 4h Chart

0x price short-term trend: Bullish

Zooming into the hourly chart, we can see that the ZRX market is slowly showing strength and at the same time respecting the rising trend line that has been forming since January 3. Two days ago, the ZRX price touched $0.225, but the market is now looking for support at around $0.195, right at the trend line. We can expect to see a bounce back to the $0.215 and $0.225 resistance.

If this support fails, followed by a surge beneath the rising trend line, the sellers are more likely to return into the market. For such a move, we may need to consider a potential selling range at the $0.188 and $0.175 supports. All in all, ZRX remains under a bullish control.

0x 1h Chart

Conclusion

The recent surge above the $0.20 price level is a green light for ZRX, although the signal is still shaky at the moment. Once the buyers can reiterate their recent actions, we can expect a solid bullish surge. However, the market may remain captured in a long-term bearish trend if the price slips below $0.195 on the hourly chart.

Previous ZRX price analysis

At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here's 3 of our most recent articles about the price of 0x:

0x is maintaining its bullish trend on the hourly chart.

If the daily channel pattern fails to break upwards, ZRX may remain trapped in a bearish […]

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