0x Price Prediction 2021 – Will ZRX Hit $2.39 Soon?

0x Price Prediction 2021 - Will ZRX Hit $2.39 Soon?
  • Bullish ZRX price prediction ranges from $0.894 to $2.204.
  • The ZRX price might also reach $2.39.
  • ZRX bearish market price prediction for 2021 is $0.47.

In ZRX price prediction 2021, we use statistics, price patterns, ADX, and much other information about ZRX to analyze the future movement of the cryptocurrency

0x (ZRX) is an open-source protocol based on the Ethereum blockchain that allows for the peer-to-peer exchange of ethereum-based tokens. It is also known as a decentralised exchange (DEX).

Within the 0x protocol, the ZRX coin serves two purposes. First, it is used to pay trading fees to Relayers in exchange for their book-making services. Second, the ZRX coin is used for governance, allowing owners to have a proportional influence over the protocol based on their holdings.

Current Market Status of 0x (ZRX)

According to Coingecko, the price of ZRX is $0.735 with a 24-hour trading volume of $53,927,579 at the time of writing. However, ZRX surged to 3.06% in the last 24 hours.

Moreover, ZRX has a circulating supply of 845,341,602 ZRX coins. Currently, ZRX trades in cryptocurrency exchanges such as Binance, OKEx, Tokocrypto, Huobi Global and CoinTiger. 

0x (ZRX) Price Prediction 2021

0x (ZRX) holds the 103th position on CoinGecko right now. ZRX price prediction 2021 explained below with a daily time frame. 

ZRX/USDT Descending Triangle Pattern (Source: Tradingview)

The descending triangle is most commonly seen during downtrends and is often interpreted as a bearish signal. The ascending triangle pattern is reversed in the descending triangle pattern.

As the price continues to make lower highs, descending triangles indicate to investors and traders that sellers are more aggressive than buyers. When the price breaks out of the triangle in the direction of the overall trend, the pattern is complete.

Contrary to popular belief, a descending triangle can be bullish or bearish. A regular descending triangle pattern is traditionally regarded as a bearish chart pattern. A descending triangle pattern, on the other hand, can be bullish.

Currently, ZRX is trading at $0.735. After this, ZRX may continue to fall or rise according to the direction of breakout. With this pattern, ZRX might reach the resistance level at $1.23 soon, if the trend breaks out at $0.76. If the trend reverses, then the price of ZRX may fall to $0.56.

0x (ZRX) Support and Resistance Level

The below chart shows the support and resistance level of 0x (ZRX). 

ZRX/USDT Support and Resistance Level (Source: TradingView)

From the above chart, it is observed that the following are the resistance and support level of ZRX.

  • Resistance Level 1 – $0.894
  • Resistance Level 2 – $1.228
  • Resistance Level 3 – $2.204
  • Support Level 1 – $0.479
  • Support Level 2 – $0.310

The chart depicts the bearish performance of ZRX over the previous month. However, this trend will continue to reach resistance level at $1.23 soon. On the contrary, if the trend reversed then ZRX might fall to $0.56 presenting a bearish signal.

0x (ZRX) Average Directional Index (ADX)

Let us now look at ZRX’s Average Directional Index (ADX). In particular, the ADX assists traders in determining the strength of a trend rather than its direction. It can also be used to determine whether the market is changing or if a new trend is beginning. It is, however, linked to the Directional Movement Index (DMI).

Moreover, the oscillator has a range of 0 to 100. In addition, a high value represents a strong trend, while a low value represents a weak trend. Furthermore, it is frequently combined with directional indicators.

ZRX/USDT ADX (Source:TradingView)

The above chart represents the ADX of ZRX with the range at 14.98, so it indicates a weak trend.

Conclusion

The ZRX is one of the cryptos which is great for long-term investment. In addition, ZRX price prediction will be bearish or bullish, until the breakout direction is confirmed. But, it has a good chance of reaching $1.23 this year. However, this will only happen if many previous psychological barriers are broken.

Furthermore, with the advancements and upgrades on the ZRX ecosystem, the performance of ZRX would rise reaching $1.23 very soon. But, it might also reach $2.39 if the investors believe that ZRX is a good investment in 2021.

Disclaimer: The opinion expressed in this chart solely author’s. It is not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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