- The short-term is the uptrend while the medium-term outlook is in a range-bound market.
- Traders may consider buying at key area with bullish reversal candlestick pattern as confirmation.
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 continues in a range-bound market. The rally was sustained during yesterday session with price clearly above the lower demand area. Price was initially up at $02241 and later to $02310 the high of the day, despite the bears' pressure that broke the lower range before the end of yesterday session.
Today’s opening 4-hour candle at $02267 sustained the bullish momentum with price already up at $02378 breaking the resistance at the two EMAs within the range. The rally may be sustained with the signal of the stochastic oscillator pointing up 60% which suggest upward momentum in price in the medium-term.
ZRXUSD is in consolidation and trading between $0.2500 in the upper supply area and at $0.2200 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: Bullish
The cryptocurrency is in a bullish trend in the short-term outlook. The formation of higher highs and higher low during yesterday session suggests an up-trending market with $02303 as the high before the end of the session. Today’s session opened on a bullish note at $0.2259 with $02373 in the supply area already attained.
Price is above the two EMAs crossover within the lower demand area during yesterday session coupled with the retest of the broken demand with the signal of the stochastic oscillator pointing up at 80%, in the overbought region an indication of upward momentum.
New higher high and higher low may be attained before the end of today’s session.
Live 0x (ZRX) Price:
1 ZRX/USD =$0.3774 change ~ 0.60%
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