- The short-term is in the bullish trend while the medium-term outlook is in a range-bound market.
- Patience is required for trading the consolidation.
ZRX/USD Medium-term Trend: Ranging
Supply zones: 0.3600, 0.3800, 0.4000
Demand zones: 0.2000, 0.1900, 0.1800
The cryptocurrency medium-term outlook continues in a range-bound market. With the bears in control as the market opens today at $02241, price fell further to $02078 beyond the lower demand at $02200. The close of the candle within the range coupled with the wick implies trend reversal as the bulls stage a return.
The rally was sustained with the ZRXUSD initially up at $02255. Increased bullish momentum pushed the price further p to $02301 within the range.
Price is above the 10-EMA and the signal of the stochastic oscillator is pointing up at 45% an indication of upward momentum in price within the range 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 retest at the key demand area shortly after today’s opening’s confirmed the uptrend continuation in the short-term. $02255 was the initial high after the breakout from the two EMAs.
Increased bulls sustained the momentum up north with $02300 in the supply area retested.
Price is above the two EMAs with the stochastic oscillator at 36% suggesting a minor drawdown before uptrend continuation.
$02320 in the supply area is on the horizon as the pressure on the coin becomes stronger in the short-term.
Live 0x (ZRX) Price:
1 ZRX/USD =$0.4346 change ~ 10.68%
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