0x (ZRX) has been rising at an accelerated rate since early March, but has yet to break out of a long-term resistance line.
ZRX has been declining below a descending resistance line since reaching an all-time high of $2.39 on April 21, 2021. The downside movement so far is the February 24 low of $0.245.
Since then the price has been trending higher and has managed to reclaim the $0.72 horizontal area. This is an important level, as it has acted as both support and resistance intermittently since August 2020.
However, ZRX failed to break above the above resistance line and was rejected on April 21 (red icon). The price reverted to the $0.72 area and rebounded once again.
A breakout from this line would be required to confirm that a long-term correction has been completed.
future movement
Technical indicators on the daily time frame are bullish but do not show confidence in the strength of the trend.
MACD and RSI are both rising, the first is positive, and the latter is above 50. However, none of the indicators have a sharp upward slope, which indicates that the bulls lack momentum.
cryptocurrency trader @cryptojobs3 Tweeted a ZRX chart saying that the price broke out of a short-term pattern and a downside move is likely.
Since the tweet, the price has regained its footing and broke a short-term descending resistance line. Currently, it is trying to clear the $0.90 area. This is both a horizontal resistance area and the 0.382 Fibonacci retracement resistance level.
If it manages to do so, another attempt to break out of the long-term resistance line will be expected.
ZRX / BTC
The ZRX/BTC chart is similar to the ZRX/USD chart. The price has been following a descending resistance line since February 2021 and was rejected (red sign) on April 21, 2022.
However, unlike the USD pair, the price is facing resistance from the 2500 satoshi area, which is currently coinciding with the descending resistance line. Hence the importance of the line increases.
Unless ZRX manages to break out of it, the trend cannot be considered bullish.
For BeInCrypto’s latest Bitcoin (BTC) Analysis, Click Here