Cryptocurrencies

ZRX technical analysis

ZRX seen from the temporality of 1W we can see how the current candle has found support in the parabola at 50 leaving a long wick lower, signal of strong demand in the support area, currently the candle is testing the horizontal indicated in the graph in red, this is located at 4251, if we manage to close above the horizontal we should have a change of trend that should reach our first objective located at 7081, giving us a good profit margin.

ZRX seen from the temporality of 1D we can observe more closely the test that is being done in the aforementioned resistance, I have placed the indicator DPO (Price Oscillator without trend) because it gives us important information when a change of trend could occur, the closer the oscillator of line 0 is, the more likely it is that a strong movement of change will occur.

ZRX seen from the 3D temporality we can see how the current structure of candles are forming the known bullish setup “descending wedge”, the RSI indicator is showing oversold levels, we also have a bullish divergence in relation to our nearest LL.

ZRX seen from the temporality of 1H we can observe the same descending wedge setup, we should begin to see an entry of considerable volume that begins to move the price upwards very soon if we want to break the resistance of the figure and thereby overcome the horizontal located at 4251, I have marked the closest ITZ point that is where the candles are currently, this area I have marked within the gray rectangle, this area is located within the price range of 3871 – 3836.

Something important to keep in mind is also the dominance of the BTC, as it is currently forming the third candle above the top of the figure after the throwback occurred when making the break, therefore, it is very possible that the bullish movement continues to reach the area marked within the gray rectangle, approximately 65.79 points, if this happens we could see affected the markets of the alts again.

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As fundamental for ZRX we have an important advance towards version 3.0 that involves a greater capacity of the protocol, I quote below a fragment of the news:

The bump to v3.0 is an opportunity to integrate multiple ZEIPs. Areas of focus will likely include more flexible order matching, extending 0x protocol’s ability to leverage meta transactions, and generalized callbacks that unlock a richer experience for smart contract devs. Finally, the update will provide us with an opportunity to revisit ZRX token mechanics and how they may be used to incentivize liquidity. The role of the ZRX token as a means of paying relayer fees has been a frequent focus of conversation both externally and on the core team. One of the most compelling properties of tokens is that they have potential to serve as rocket fuel for network effects, and we are excited to share some of our ongoing research on the topic soon.

In conclusion, ZRX is showing strong indicators of change of trend, a sign that very soon can occur a strong bullish movement, the most advisable would be to wait for the break up of the setup to confirm positions, meanwhile the price is at a good price in relation to the work that has been done currently, I also recommend to be aware of the dominance of the BTC as this could affect any trade.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

You can follow me on Twitter: https://twitter.com/armijogarcia

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