The ZRX price’s April trade was somewhat stable as like many other tokens, 0x refused to slide down heavily. No doubt, the price followed a descending channel, but the very next spike kept the hopes of an uptrend alive. Therefore, with the next leg up, the price may slice through the INR 110 levels by the end of April’s trade.
The 0x price underwent a huge parabolic run but in an inverted way to reach the bottoms below INR 40. However, a strong upswing has raised the price above INR 70 at the moment which may be further escalated towards a 3-digit figure. An upcoming spike may not only test INR 100 but may also rise high beyond INR 120.
|Short-Term||The 0x price appears to have been completed with a spike followed by a correction. And hence a strong uptrend may be imminent|
|Mid-Term||The ZRX price may witness a notable drop as the buyers may remain silent for a while now|
|Long-Term||After a steep jump and drop, the price is attempting to resume with an uptrend and hence a minor buying volume is mounting|
|Technical Indicators||Value(1Hr / 1D)||Action (1Hr / 1D)|
|Relative Strength Index(RSI)||42.13 / 59.63||Sell / Buy|
|MACD(12,26)||-0.32 / 4.93||Sell / Buy|
|Average Directional Index(ADX)||72.01 / 28.00||Oversold / Buy|
|Bull-Bear Power||-4.65 / 19.66||Sell / Buy|
|Moving Average(MA)-50||INR 73.76||INR 52.57|
|Moving Average(MA)-200||INR 61.32||INR 64.84|
|Resistance||INR 82.80||INR 96.00|
|Support||INR 61.58||INR 36.82|
|Average True Range(ATR)||1.76||8.32|
Additional Read: Ox (ZRX) Technical Analysis.
As the short-term forecast is pretty bearish, the price may continue within the descending consolidation until it reaches the local support. However, in the long term, the prices are extremely bullish and hence a steep uptrend may be imminent. The main concern lies within the ATR which points out towards the asset is highly volatile in HTF.
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