Crypto Technical Analysis

0x (ZRX) Technical Analysis: 17 February 2022

OX(ZRX) Technical Analysis

The ZRX price traded proactively since its initial days and spiked each time it got the opportunity. It received immense attention when it spiked more than 190% in just a couple of days and began with the 2021 bull run. Further, the price surged high to hit the 2021 highs around $2.4 but failed to surpass the ATH at $2.53. Since then the asset has maintained a considerable downtrend nullifying the rebounds and flips. 

Currently, the OX price is attempting yet another similar flip, yet the strength and the volume appear to be pretty low. And hence a chance of remaining within a consolidated range or another pullback is visible. 

In such a case, what lower levels will the ZRX price discover? Or Will the asset flip and bounce back strongly? Let’s see!

0X(ZRX)/USDT Technical Analysis at a Glance

The OX price amid the downtrend visited the monthly lows around $0.5751 and ignited a notable uptrend then. But just before reaching the monthly highs above $0.7, the OX price again shed its gains by 7% and now looking for an opportunity to flip the downtrend. No doubt, the asset has ignited a minor uptrend in the short term but it may not withstand the bear if jumped in action.

Short-Term The price after falling from the cliff is attempting for a bounce-back and may succeed to some extent
Mid-Term OX price is maintaining a notable descending trend and may continue for some more time, slashing another 10% of its value
Long-Term The asset maintained a bullish trend since the beginning of the current month and hence may experience a notable pullback for the next couple of days

Additional Read: Daily News, 17 February, 2022

ZRX/USDT Technical Indicators & Pivot Levels

Technical Indicators

Technical Indicators Value(1Hr / 1D) Action (1Hr / 1D)
Relative Strength Index(RSI) 45.21 / 51.91 Sell / Neutral
MACD (12, 26) 0.0003 / -0.0017 Buy / Sell
Williams Range Percentage -84.2 / -47.11 Oversold / Oversold
Average Directional Index(ADX) 45.9 / 36.5 Sell / Buy
Average True Range(ATR) 0.0078 / 0.0493 Less Volatility / Less Volatility

Pivot Levels

Pivot Levels Short-Term Long-Term
Moving Average(MA)-50 $0.6541 $0.6770
Moving Average(MA)-200 $0.6446 $0.9391
Resistance $0.6882 $1.26
Support $0.6315 $0.33

Summary

The 0X(ZRX) price is pretty bearish in the short-term while notably bullish in the long term. The RSI in both the time frames is hovering along with the average levels in between. But in the STF it has diverted a little from the downtrend and vice versa in the HTF. Therefore a short-term uptrend followed by a correction appears imminent. Yet the volatility indicator ATR displays the asset being less volatile in both time frames reducing the risk in the investments.

Also, the MACD in the short term is pretty bullish as the selling pressure appears to have nullified to a large extent. And may roll out a significant buy signal. Yet in the HTF, the MACD displays ease in the mounted selling pressure which is quite bearish. On the other hand, ADX, the rally strength indicator, displays weakness in the STF while building strength in HTF. The Williams % that shows the buy-sell levels of the asset is trending at oversold in STF and heading towards oversold in HTF. 

The ZRX price at the press time is testing the resistance at the 50-day MA in HTF and surpassed the 200-day MA levels in STF. And hence seem to be pretty bullish in the short-term aiming to hit the local resistance at the earliest. Once the crucial resistance at the 200-day MA is tested and cleared, then the asset may ignite a small bull run beyond the yearly highs. Further may range high to test the levels around ATH and also attempt to form a new ATH very soon. 

ZRX/USDT Technical Analysis for the Week

The ZRX price maintained a significant downtrend throughout the past week and quickly flipped since the beginning of the present week. No doubt the asset got rejected a couple of times at the crucial levels, yet hovering along with the local support levels. It appears that the asset is awaiting an opportunity to rise above the levels. And once the OX price receives a boost, may end up ranging high slicing through the crucial resistance beyond $1. 

Source: Tradingview 

  • The asset since the beginning of the present week was raising within an ascending parallel channel 
  • In an attempt to smash the crucial zones around $0.7, the OX price got rejected a couple of times. Moreover, the asset plunged hard the second time, visiting the local support.
  • Currently, the price is swinging along with some crucial support levels, where-in a rebound is much necessary
  • The trading volume has dried up massively and the selling volume has currently capitulated the market. And hence the possibility of a plunge surfaces the waters
  • On the contrary, the technicals suggest a short-term rebound to be pre-programmed and hence the possibilities of a plunge are pretty less
  • In the upcoming days, the asset is expected to consolidate at these levels for a while and with a decent influx of liquidity, the asset may range high to test $0.7 again slicing through the pivot resistance levels

ZRX/USDT Technical Analysis for Today: 17 February 2022

The 0X price began the previous trading day with a healthy consolidation as the volume was pretty low. Yet the asset kept on ranging high to test the $0.7 but got rejected, plunged a little and again ranged high to end the day’s trade on a bullish note. However, the present-day trade initiated a plunge that slashed the price below the support levels. Currently, hovering around the support levels, the ZRX price may accumulate some strength here and finally range high. 

The 0X(ZRX) price at the press time is $0.6451 with a drop of 5.64% compared to the previous day close. The trading volume has dropped drastically by 42.85% and the market cap also plunged by more than 2%. Despite the decline in value, the asset has witnessed a slight recovery too. 

Where & How to buy 0X(ZRX) 

If you want to invest in OX or any of your desired tokens, then you’re at the right place. CoinDCX offers a wide range of cryptocurrencies to deal with at a very affordable price but with additional in-house benefits. Have not registered yet! No worries, just download the CoinDCX App on your smartphone. Enter the required details and once the platform verifies your details, fund your wallet and buy your favorite crypto.


Disclaimer: The above views, information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational/ educational purposes only. The content, information, or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, digital assets/ cryptocurrencies or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as legal, financial, investment, or tax advice by the reader. The calculations, data, risk-return formulations, performance, or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors, or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.


 

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