• The short and medium-term outlook is in a range-bound market.
• Patience should be exercised during this period.

ZRX/USD Medium-term Trend: Ranging

Supply zones: 0.3600, 0.3800, 0.4000

Demand zones: 0.2800, 0.2700, 0.2600

The cryptocurrency medium-term outlook is a range-bound. The bears returned at $0.3254 on 8th July after the bullish exhaustion signaled with the candle that closes as an inverted long-tail candle. The cryptocurrency fell to $0.2751. Increased momentum broke the lower price range with the coin down to $0.2609.

The bulls stage a comeback as the candle closed as a long-tailed candle within the range before the end of yesterday session. Price was briefly up at $0.3017, although the bears are back in control of the market after today’s price at $0.2931.

The signal of the stochastic oscillator points down at 36% as price is below the two EMAs. These suggest a downward price movement within the range I the medium-term.

ZRXUSD is in consolidation and trading between $0.3300 in the upper supply area and at $0.2700 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required to allow this to happen before a position is taken.

ZRX/USD Short-term Trend: Ranging

The cryptocurrency remains in consolidation in the short-term outlook. The lower demand area at $0.2800 was broken during yesterday session but retest was voided as price closed within the range. Thus confirming the continued ranging scenario. The 1-hour opening candle at $0.2571 is an inverted bearish doji an indication of the bears' dominance within the range in the short-term.

Price dropped to $0.2813 while the stochastic oscillator signal points down at 21% an indication of continued downward price movement within the range as the coins consolidate in the supply area.

$0.3100 is the upper supply area of the range while $0.2800 is the lower demand area of the range. Traders should be patient and wait for price breakout or breakdown with a retest before taking a position.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.