ZRX Token Price Analysis: ZRX Token Breaks Out Of The Supply Zone, Will It Continue The Uptrend?

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  • The price of the ZRX token is in a strong uptrend on the daily timeframe, and currently it is trading at $1.0610.
  • The token is a bullish chart in the shape of a descending wedge on a daily time frame.
  • The ZRX/BTC pair is trading at 0.00002345 with a 45% increase in the digital asset’s market capitalization in the last 24 hours.

The price of the ZRX token is in a daily upward trend and it has also broken out of the long-term supply zone. The price of the ZRX token is trading above the $0.88 supply zone on a daily time frame. The token forms a superior high and low formation over a daily timeframe. Right now, the token sits on a long-term demand zone on the weekly time frame, and so it can bounce off the demand zone if the bulls are supporting, and hence, the token can be seen moving to the rise. But if the token breaks the demand zone, it can drop quickly. Currently, the token is trading above the crucial exponential moving average (20, 50, 100) and could support going forward. the big move. The token is currently trading in the upper band of the Bollinger Band indicator. The Bollinger Band range has turned narrow, indicating impulsive movement in the coming trading days. Volumes have declined, and therefore the momentum on either side will continue for a long time due to lower volatility.


ZRX Token Price Is Forming A Declining Wedge Pattern On Daily Time

The price of the ZRX token was down from the past trading days, forming lower lows. But recently, the token managed to stay above the previous low despite the selling pressure from the supply zone. As a result, it started trading in a smaller range, which resulted in a breakout of the descending wedge pattern on a daily time frame.

Moving Average Convergence Divergence (Bullish): The MACD indicates an uptrend on the daily time frame as it gave a positive cross. The signal line of the buyer (blue) has crossed the rise of the seller (orange). If the token breaks out of the green trendline, it can reach $1.16 and above. It may reach new heights if the momentum continues.

Supertrend: The recent uptrend in the cryptocurrency market has affected the super trend indicator. The indicator’s buy signal is intact as it broke the super trend sell line with a strong bullish candlestick pattern. If the price of the token breaks out of the green line of the supertrend indicator, the indicator may give a sell signal. Until then, an investor should remain cautious.

RSI and ADX show bullish signs on the daily timeframe

The price of the ZRX token is in an upward trend over a longer timeframe and has recently formed a chart pattern. Once the token breaks out of the pattern, it could trigger a massive move on the breakout side.

Average Directional Movement Index: The ADX has been steadily rising for the past few trading days, and recently it broke above 30 as the token bounced off the $0.733 demand zone. The ADX curve stops, and it has currently reversed. Thus indicating a halt in price movement and a possible change in the pattern of price movement.

Relative strength indicator: The RSI is trading at 7473 as the token forms a bullish reversal pattern. The RSI curve broke through the 50 mark halfway through and as a result, the token can be seen rising as it gave a breakout of the falling channel pattern. The RSI curve also broke above the 20 SMA, indicating bullish momentum for the upcoming trading days.

Conclusion

According to the price action, the price of the ZRX token forms a bullish descending wedge chart. Technical parameters also suggest bullish momentum for the next few trading days. The investor must be careful until the token breaks out on either side. It remains to be seen if the token breaks higher or if the bears trample the price.

SUPPORT: $0.88 and $0.7623

RESISTANCE: $1.172 and $1.205

Warning

The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only, and they do not constitute financial, investment or other advice. Investing in or trading crypto assets involves the risk of financial loss.

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Nancy J. Allen
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