• The short-term is in the uptrend while the medium-term outlook is in a range-bound market.
• Responsible buying may be considered at key areas.

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 bears lost momentum at $0.3721 shortly after today’s opening session. Although the lower demand area was broken, but price closed within the range. The wick formed signaled the gradual bulls return with the target at the upper supply area of the range in the medium-term.

Price is already up at $0.3499 above the two EMAs heading towards $0.3600. The stochastic oscillator signal points up at 62%, which suggest upward movement in price within the range in the medium term.

ZRXUSD is in consolidation and trading between $0.3600 in the upper supply area and at $0.3200 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 bear flag formed on 24th June returned the bears that pushed the coin to $0.3229 in the demand area.

Although today’s market opens on a bullish note at $0.3342, the bears briefly dropped the coin to $0.3216 in the demand area. This created a double bottom formation, a pattern that favours the bulls in the short-term.

ZRXUSD was up at $0.3499 in the supply area. The bulls target is at $0.3600 in the supply area. The upward price movement to this area is confirmed by the signal of the stochastic oscillator pointing up at 53% with price above the two EMAs.

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