0x (ZRX)

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0x (ZRX) Launched on Coinbase.com & Apps Unless You're In UK or New York

Coinbase Announces Launch of ZRX Token on Platform and iOS & Android Apps

Coinbase announced on October 16^th that they would be adding a new token to their platform, which went live about 15 minutes after their Twitter post. The post said:

https://twitter.com/coinbase/status/1052276216844021760

The post offers a link to Coinbase’s blog on Medium, where they titled the post “Buy and Sell ZRX on Coinbase.” The blog expands on the tweet, explaining that ZRX will join the list of tradable assets, which also includes Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin. Even though the token will be available for the majority of the locations with access to Coinbase, it will exclude United Kingdom and New York investors for now.

The addition of ZRX is likely to be an effort for Coinbase to meet the needs and requests that they’ve had from consumers, which is “to be able to trade more assets on Coinbase.” Just last month, they established a new process that would let users trade assets with greater ease. However, some of the reason that the blog said that they decided to establish the new process has to do with their subsequent addition of ZRX.

More changes are coming. Coinbase added,

“We are also investing in new tools to help people understand and explore cryptocurrencies. We launched informational asset pages , as well as a new section of the Coinbase website to answer common questions about crypto.”

New users should be able to buy and sell the ZRX tokens on the same day that they sign up.

Within the last 24 hours, the ZRX token has gone up by 14.45%, making the price per token $0.848804 in US Dollars. This pattern of increasing value is called the Coinbase effect, which simply suggests that digital assets tend to start increasing in value, often causing rallies for the newly added coins. No matter which way you look at it, getting into tokens either right before or right as they reach Coinbase could mean great profits.

$ZRX Price Analysis: 0x Project on Coinbase Edition

For those that were fortunate enough to read the exclusive news release attesting to the fact that Coinbase has officially added $ZRX into its API, you’ll probably be anticipating a price analysis on what’s going on.

Is it going to pump from here?

Are the gains already price in for $ZRX at this point?

What is the maximum R/R for this trade if I enter into a long position from where I am currently?

These are all great questions that will be answered in this article, so sit tight.

$ZRX Price Analysis

We’re going to start with the daily chart resolution here:

As one can see on the chart above, there was a precipitous backslide in the price that started around July 16th, 2018, before eventually being broken toward the end of September (23rd of the month to be precise).

The price has been on a mini-uptrend ever since, nothing major.

In fact, this most recent bounce is what allowed us to draw the uptrend line that you can currently see on the chart above.

Now, since the price data is so ‘fresh’, we’ll go ahead and move in to a smaller time frame, in order to get a better idea of impending price action.

Before We Move On, Keep This in Mind

We are currently looking at the $ZRX / BTC price pairing.

Now, since the price of Bitcoin has been relatively stable over the last month or so, we can look at the Bitcoin and USD charts in an interchangeable fashion on the markets for the most part (**Fun fact: The price of Bitcoin 30 days ago was $6,528 at open, which is less than $60 away from where it is trading currently at the time of writing).

However, traders should be aware that the price of Bitcoin could change drastically at some point in the near future. Therefore, traders would be wise to consider strategies that will account for the potential increased volatility of Bitcoin in the near/distant future if they are only looking at the Bitcoin-paired charts like we are today.

H4 Time Frame for $ZRX

Now, if you’re looking at the chart above and getting a bit confused by the diagonal and horizontal lines, don’t worry.

We’re going to simplify this for you.

Let’s just look at the horizontal lines for now:

In the picture above, the blue boxes represent the points of resistance/support that were visually identified on the chart (we just look at points where the price appears to have consistently failed to break above/below a certain price and draw a horizontal line there to mark these areas).

Currently (no surprise), the price of $ZRX is struggling to get above heavy resistance at the 11k sat zone.

This has resulted in a slight draw down of the price.

Now, on the above chart, the Heikin Ashi bar design is used (to ensure easier viewing of price movement), but in order to get a better idea of price movement, we’re going to switch over to the ‘normal candle’ view.

Why did we just do this?

We did this because the above picture now shows us that the price is back on its way down.

What does this mean?

Great question. For now, it means that we should/can anticipate a potential re-testing of the resistance point that $ZRX had broken in order to reach the highest overhead resistance that at 11k sats that it failed to break.

Re-testing of the Supports/Resistances

This is a phenomenon that happens very frequently in trading.

You’ll see a price break through a resistance and then the price will stagnate on its run up and then eventually return to that resistance to test it as a point of support.

Conversely, a price may break below a support point, and after a period of heavy selling, will gravitate back toward that support point to test it as a resistance before continuing further.

Above we can see the most likely price action for $ZRX on the H4 if it is to adhere to this principle.

We’re switching back to the Heikin Ashi now

Next Point of Resistance

Okay, so let’s assume there is a re-test of that lower support point (10k sats), and then the price is able to successfully bounce from there and continue upward to the 11k sat point that its struggling to break now…

Where would be the next point of resistance?

The chart above is telling us 12.6k sats (based on analyzing the chart data itself; not via indicators).

Thus, the following stream of graphs that you see below could represent the impending price movement.

The price could decline up to 8.22% as it re-tests the former resistance point as a support.

This could then be followed by a +14.41% increase.

From there, there may be another 6.51% nod, totaling a 21.29% bounce (assuming that the price does touch all the way down to that lower support).

RSI(14) for $ZRX

The RSI(14) on the H4 for $ZRX corroborates our assumptions as well. While the RSI(14) is a relatively sensitive instrument (more so than people realize or account for), it still can give us fairly accurate readings when it comes to analyzing future price movement.

In the chart above, the downward point of the RSI(14) is not necessarily factored into our considerations (just yet), because the period is not currently over; thus, the price information could change and render an entirely different reading in a couple of hours.

However, what we can confirm is the fact that the RSI(14) is reading that the crypto is grossly overbought at this point. And all of that momentum did not come solely from the Coinbase news.

$0X was already outperforming several coins in the market before the advent of said news.

RSI BoP Indicator for $ZRX (Custom Indicator)

This indicator (which is custom) is showing that the buy pressure on $ZRX has reached an extreme over the last few periods, which amount to 32 hours when you do the math (8 periods of the indicator tracking ‘extreme’; denoted by the red coloration of the line).

It now appears that the incidence of selling has finally picked up.

Brief Look at the 10 Min Chart for $ZRX

Now, take the readings here with a grain of salt, because, by the time you’re reading this portion of the article it is more than likely that the price of $ZRX may be wholly different from that point or reflect alternative information…

But it appears from can be seen now that the 11k region specifically is holding itself as a solid point of support.

Now, of course, exuberance could hit investors once the news of the likely Coinbase addition becomes really widespread, which would result in that 6% increase first before a drawdown back to 11k and perhaps even further to the lower 10k sat range.

Conclusion for the $ZRX Price Analysis

On a fundamental level, a potential Coinbase addition is huge (if this is something that does happen).

And, regardless of whether it does or not, the more important thing to analyze here in terms of market movement is whether or not the market believes that it is going to happen.

If the market does believe that it is going to happen, then it is as good as done.

However, if the market does not believe that it is going to happen, then the price action for $ZRX will more than likely bottom out sooner or later and continue downward precipitously.

But we do not anticipate this to be the case.

Coinbase noted before that they were strongly considering adding ERC20 token support to their platform and signaled as much with the addition of $ETC (Ethereum Classic) before moving on to post that they will be advocating the support of other ERC20 tokens as well.

We have no R/R on this trade, because we feel that it would be best if traders waited until the downturn of this move finishes out before moving back upward.

However, we do feel that 12.5k sats is a safe bet for the price in the near term.

0x Protocol ZRX: Trustless ERC20 Token Trading Exchange?

0x is an open, permissionless protocol that allows ERC20 tokens to be traded on the Ethereum blockchain. Here’s our review.

What is the 0x Protocol?

0x is a protocol that makes it easy to swap ERC20 tokens. ERC20 tokens are standard tokens built on the Ethereum blockchain. It’s an off-chain order relay system that settles transactions on-chain.

In layman’s terms, the 0x Protocol is a scaling solution for the Ethereum blockchain. It’s proposed as a way to help the Ethereum blockchain handle more traffic. Instead of trying to radically change the Ethereum blockchain, 0x creates an off-chain order relay system (it processes orders away from the Ethereum blockchain) with on-chain settlement (orders are ultimately added to the Ethereum blockchain).

Like similar scaling solutions, 0x wants to increase the speed and reduce the costs of Ethereum transactions without sacrificing the security or immutability of the Ethereum blockchain.

Today, projects building on 0x include Ethfinex, Dharma, Blocknet, Augur, Auctus, Radar, Paradex, Aragon, Status, and other notable names.

How Does the 0x Protocol Work?

The 0x Protocol transports orders off-chain, massively reducing gas costs and eliminating bloat on the Ethereum blockchain.

Relayers help broadcast orders, then collect a fee every time they facilitate a trade. Anyone can build a relayer. Some of the relayers currently building on 0x include Ethfinex, Radar, and Paradex.

Key Features of the 0x Protocol

Trustless Exchange:

0x is built on Ethereum’s distributed network. There’s no centralized point of failure and no downtime. Each trade is settled atomically and without the counterparty risk. Like other atomic swap platforms, 0x completes P2P trades instantly, which means you receive your tokens immediately as you send your tokens, without the need for a trusted, centralized exchange to act as an intermediary.

Shared Liquidity:

By sharing a standard API, relayers can easily aggregate liquidity pools, creating network effects around liquidity that compound as more relayers come online.

Open Source:

0x is an open source, permissionless, and free protocol to use. You can trade directly with a known counterparty for free. Or, you can pay a relayer some ZRX tokens to access their liquidity pool.

Overall, 0x is a building block for decentralized apps (DApps) that require exchange functionality. A number of developers are already using 0x in their web applications and smart contracts. You can learn how to implement 0x into your project by visiting 0xproject.com, where you’ll find plenty of tutorials.

Use Cases for 0x

Some of the use cases for 0x Protocol include:

Decentralized Governance:

Decentralized autonomous organizations (DAOs) and other structures rely on tokens to represent ownership and guide governance logic. 0x allows decentralized organizations to seamlessly and safely trade ownership for startup capital.

Prediction Markets:

Decentralized prediction market platforms generate sets of tokens representing a financial stake in the outcomes of real-world events. 0x allows these tokens to be instantly tradeable.

Stable Tokens:

“Stablecoins” only work if they have an efficient, liquid market. 0x facilitates the development of stablecoins by creating the underlying economic mechanisms – like the liquidity and efficiency – that allows these coins to work.

Decentralized Loans:

An efficient decentralized lending platform requires a liquid market where investors can buy and re-sell loans. 0x facilitates the creation of an ecosystem of lenders who self-organize and efficiently determine market prices for all outstanding loans.

Fund Management:

Decentralized fund management limits fund managers to investing in pre-agreed upon asset classes. By embedding the 0x protocol into fund management smart contracts, funds can enforce these security restraints more effectively.

Who’s Behind 0x Protocol?

The 0x protocol was created by a diverse, globally distributed group with backgrounds in engineering, research, business, and design.

Key members of the team include co-founders Will Warren (CEO) and Amir Bandeali (CTO). Warren previously worked in applied physics at the Los Alamos National Laboratory and studied mechanical engineering at UC San Diego. Bandeali, meanwhile, was previously a fixed income trader at DRW.

0x Protocol ZRX Conclusion

The 0x protocol is an off-chain protocol that facilitates the cheap, fast transfer of ERC20 tokens. Transactions are relayed off-chain, then processed on-chain. It’s an open, permissionless protocol currently in use by Ethfinex, Augur, Status, and other major players.

To learn more about 0x protocol, and to discover how to add it to your project, visit online today at 0xproject.com.

Ox Protocol Launches 'Instant' Crypto Purchasing System for Websites

Ox (ZRX), an open-source protocol that promotes low-friction and peer-to-peer exchange of ERC-20 tokens on the Ethereum blockchain, has recently launched Ox Instant. This is a new service that enables users to add a crypto-purchasing and exchange system to a website or application. As the platform reported,

https://twitter.com/0xProject/status/1070699445639999489

The technology will aggregate liquidity from Ox, ERC-720 and ERC-20 by discovering and listing the bet exchange rate, while also enabling those who visit the website and app visitors to pay through Ethereum Wallet, including Trezor, MetaMask, and Ledger. Upon the completion of a transaction, Ox Instant receives an affiliate fee.

“Developers and creators can utilize Instant to build product experiences that couldn’t have existed before. Ox Instant is already being hosted by a diverse set of projects including non-fungible token marketplaces, non-custodial crypto wallets, dapps, and even crypto price fees.”

A few platforms have adopted Ox Instant, such as Coinbase and CoinGecko. The latest has multiple coin pages, including DAI, MKR. BAT, AST, ZRX, and REP. As for Ox Instant, it also works with non-fungible tokens, which allows better distribution of in-game items by blockchain developers. This promotes internal game economics.

0x (ZRX) Finishes Mainnet Testing, Launches Version 2.0 Protocol

0x (ZRX) Finishes Mainnet Testing, Launches Version 2.0

0x is a protocol that promotes low friction peer-to-peer exchange of ERC20 tokens on the Ethereum blockchain. The protocol is designed to serve as an open standard and basic building block, running interoperability among decentralized applications (DApps) that include exchange functionality. An Ethereum Smart contract system, which is free to apply, publicly available and any Decentralized Application can be attached to it, supports are running the show for traders.

Will Warren, the co-founder of the 0x Project, announced Monday via Medium that the next version of the 0x protocol is now live.

https://twitter.com/0xProject/status/1044284932355383296

According to Warren, the team at 0x has worked hard over the course of the past year developing the next version of their protocol and putting it through multiple rounds of intensive security testing, calling it “one of the most highly vetted systems on the Ethereum blockchain.”

He stated in his aforementioned post that he and his team have incorporated feedback from the community into their new product, mentioning:

“Over the past year the 0x core team has not only been building, but we have also been listening. To relayers, Solidity devs, UX designers, market makers, community members, dApp devs, and others. By gathering all of this feedback, we have been able to include features in 0x protocol v2.0 that will pleasantly surprise developers, bring a new wave of high-quality projects onto 0x, and set up the system for future upgrades and improvements through governance.”

The 0x coin is an ERC20 token, and over 500 different cryptocurrencies have issued this class of token. Essentially, ERC20 tokens are Ethereum’s solution for making a cryptocurrency quickly and easily. Former Chief Operating Officer or COO of Paypal: David Sacks, has joined the advisory table of the now-famous 0x platform according to Fortune’s post.

https://twitter.com/DavidSacks/status/1037898797865611265

What does the future hold for 0x?

A few of the main changes for version 2.0 include a new architecture for smart contracts, more efficient mapping of exchange orders, support for new types of digital signatures and identity verification, and the addition of “filter contracts” and “permissioned liquidity pools.”

The latter item only offers access to a pool of assets to Ethereum addresses that are able to meet certain criteria. Relayers can set these requirements themselves, opting in to apply sets of permissions.

Currently, the pair ZRX/USD is changing hands at $0.7105 with 13.01% gain in the last 24-hours reaching a total market capitalization of $383 million.