ZRX Technical Analysis: Price Below the First Fibonacci Pivot Resistance Level of $0.65

0x is a liquidity aggregator for cryptocurrency transactions. It also provides a robust platform for building innovative decentralized applications. Lower revert rates, cost-effectiveness, and fast response times are the unique features of this blockchain network. ZRX is the prime governance token of this ecosystem. Let us look at the technical analysis of ZRX.

Past Performance

On Jul 17, 2021, ZRX opened at $0.62. On Jul 23, 2021, ZRX closed at $0.65. Thus, in the past week, the ZRX price has increased by roughly 3%. In the last 24 hours, ZRX has traded between $0.61-$0.65.

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Day-Ahead and Tomorrow

Currently, ZRX is trading at $0.65. The price hasn’t changed from the day’s opening price of $0.65. Thus, the market seems neutral, with equal buying and selling pressures.

The MACD and signal lines are negative. Thus, the overall market momentum is bearish. However, a bullish crossover by the MACD line over the signal line has occurred. Hence, we can expect an intermittent price rise amidst an overall bearish trend.

Currently, the RSI indicator is at 51%. It faced rejection at 54% and fell to the current level. Hence, selling pressures are high. High selling activity will exert downward pressure on the ZRX price.

Besides, the OBV indicator has fallen steeply. Thus, selling volumes are higher than buying volumes. Hence, the price may start falling.

In short, all three indicators have given negative signals. However, the possibility of a bearish trend reversal cannot be ruled out.

ZRX Technical Analysis

Currently, the price is below the first Fibonacci pivot resistance level of $0.65. The price may soon fall below the Fibonacci pivot point of $0.64 as well. Thereafter, we have to wait and watch if the bearish forces remain strong or a trend reversal occurs.

The price may soon test and fall below the 76.4% FIB retracement level of $0.64. It may further fall below the 61.8% FIB retracement level of $0.63. If the price retests and breaks out of these levels by day close, a bullish trend has probably set in. In that case, the price may continue to rise tomorrow as well.