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ZRX is an infrastructure protocol that allows users to easily trade ERC20 tokens and other assets on the Ethereum blockchain without relying on centralized intermediaries like traditional cryptocurrency exchanges. Unlike many other Ethereum decentralized exchange protocols, 0x supports both fungible (ERC20) and non-fungible (ERC-723) tokens. The ZRX technical analysis is as follows:
Past Performance
The previous week witnessed a slow uptrend for the ZRX price chart. There were alternated days of bears and bulls dominating the market. The market also was buoyant on the fact that Digital Asset Research (DAR), a leading provider of crypto-asset data and research, had vetted ZRX as part of its list of institutional investor assets.
It opened on November 5, 2021, at $1.20, and closed on November 11, 2021, at $1.32. This was an exact increase of 10% over the week. Moreover, the ZRX registered a 24-hr low of $1.2 and a 24-hr high of $1.43 in a recent build-up.
Source: https://www.tradingview.com/x/8KVubC9G/
ZRX Technical Analysis
From the last two days, the momentum of the market is positive. The same is anticipated for today as well. The current trading price of ZRX is $1.39, which is 5.68% higher than November 11, 2021 close. Let us see what the oscillators are showing us.
The On-Balance-Volume indicator is showing an upwards moving line in its graph. This means that the buying pressure is consistently dominating the selling pressure, thus pushing the price upwards.
The RSI has rebounded after a dip in the last few days. This means that the market sentiment is again bullish, and the price is likely to increase further. Currently, the RSI is at 65.65%.
The MACD line and the Signal line both are positive, however, the MACD line has just avoided a bearish crossover. This is again a strong positive signal for the traders to take a long position.
ZRX on November 10, 2021, made a release about its collaboration with Pyth Network. The Pyth Networks’ news release on October 28, 2021, said, “0x Labs, a global blockchain company building decentralized exchange infrastructure for the internet, today announced that it is joining the Pyth network, a decentralized financial market data distribution platform. 0x Labs will provide real-time crypto pricing data from the 0x network through an independently run Pyth node.”
Day-Ahead and Tomorrow
Looking at the long term, the ZRX is on an uptrend. The traders may even hold the coin for a longer term as the fundamentals behind the operation of 0x are very effective. Moreover, collaborations with various companies is showing confidence in the industry.
Looking at the indicators, we can say that the slow-moving uptrend may gain more momentum in the coming days. Thus, the traders may take a long position and may keep a target at $1.5911, which was previously a resistance level. We advise keeping a stop-loss at $1.2.
The Fib retracement shows that the price chart has successfully crossed the pivot at $1.3. Next, the price will be tested once it reaches the Fib level at $1.39.