- The short-term is in a bullish trend while and medium-term outlook is in a range-bound market.
- Patience is required during consolidation.
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. $0.3384 in the supply was yesterday high while $0.3384 in was the low before the end of the session.
Today’s market opened on a bearish note at $0.3333. Price fell to $0.3252 within the range but closed above the 50-EMA. An indication of rejection of downward price movement and the return of the bulls as confirmed d by the bullish spinning top.
ZRXUSD was up at $0.3355 as the bulls build up pressure in the demand area. The signal of the stochastic oscillator is up at 71% this suggests upward momentum in price due to the increased bullish momentums with more candles opened and closed above the two EMAs.
The cryptocurrency is in consolidation and trading between $0.3500 in the upper supply area and at $0.3100 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 coin is in a bullish trend in the short-term outlook. The bulls attempt to dominate the market after today’s opening was short-lived. The bears took control leading to a drop in price of the coin to $0.3252 at the trendline.
Each touch on the trendline results in a bounce to the upside by the bulls. This has began with ZRXUSD already up at $0.3355. The upward movement may be sustained with the signal of the stochastic oscillator pointing up at 63%.
$0.3380 in the supply area is up for a retest as long as price stays above the EMAs and the bulls sustain the pressure on price.
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