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Market Analysis

ZRX Technical Analysis – Price Holds Firm With Significant Upgrade Due

14 Jun 2019 : 17:54
2 min read

The 45th cryptocurrency by market cap has been highly requested by our followers due to its future potential. ZRX is one of the most recognised open protocols in the market, allowing users to build decentralised exchanges by using smart contracts.  Also known as 0x, the project is serving as the best tool to create exchanges using ETH infrastructure by ensuring the most efficient tokenisation-creation process.

With a current market capitalisation of $191 million, ZRX has gained over $68 million in the last 5 months. Without a doubt, 0x has pleased investors with a 186.45% return since its launch. The 186.45% ROI and the solid team behind it have put this project in the spotlight several times.

If we evaluate recent price action, it can be shown that 0x has been ranging since mid-May between the two key levels highlighted in grey ($0.3750 supply zone and the $0.2968 demand zone).  In the last three weeks, ZRXUSD has lost over 15%, rejecting the $0.3750 level four times. Breaking down the 4H timeframe, price action shows that the bears are still in control.

On the 30th of September, the 0x team will be launching the next version of the ZRX protocol V3.0 and it may be a significant market mover.  Taking into account the previously scheduled event, two scenarios are possible. If bulls manage to break the $0.37 physiological level, then the next target would be the $0.3921 supply zone (highlighted in blue). On the contrary, if the protocol upgrade fails to please users, momentum could turn bearish and break both, the $0.29 physiological level and even reach the second $0.25 demand zone (highlighted in blue).

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Michela Silvestri

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