- The bears broke the 12-day EMA and the 26-day EMA to reach a low at $ 0.2566. This was the previous low of May 9.
- Traders should look out for buy setups in orders to initiate long trades in anticipation of a bullish trend.
ZRX/USD Medium-term Trend: Bearish
- Resistance Levels: $ 0.44, $0.46, $ 0.48
- Support Levels: $0.20, $0.18., $0.30
On April 1, the ZRX/USD pair reached the $0.38 overhead resistance but the bears pulled back price to the low of $0.36 price level. Each time the bulls tested the overhead resistance, the crypto’s price would fall to the support of the 12-day EMA or the 26-day EMA.
On June 15 and 22, the bulls tested the $0.36 overhead resistance and the market had a downward correction. The bears broke the 12-day EMA and the 26-day EMA to reach a low at $ 0.2566. This was the previous low of May 9. At this low, the bulls made an upward move to reach the $0.36 overhead resistance level.
On July 11, the bears might have exhausted their bearish pressure as the bulls make an upward move to break above the EMAs. Traders should look out for buy setups in orders to initiate long trades in anticipation of a bullish trend. Meanwhile, the ZRX market is in the oversold region of the daily stochastic but below the 20% range. This indicates that price is in a bearish momentum and sell signal.
ZRX/USD Short-term Trend: Bullish
On the 1-hour chart, the ZRX price was in a bullish trend zone. The 12-day EMA and 26-day EMA are sloping upward indicating the uptrend. On July 13, the bulls are making an upward move to break above the 12-day EMA and the 26-day EMA. Meanwhile, the price is in the oversold region of the daily stochastic but above the 40% range. This indicates the price is in a bullish momentum and a buy signal.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
