In 0x (ZRX) Technical Analysis 2021, we use past statistics, price analysis, RSI, RVOL, and much other information about ZRX to analyze the future movement of the cryptocurrency.
0x is an open-source protocol built on the Ethereum (ETH) blockchain that enables the peer-to-peer exchange of Ethereum-based tokens. This is also referred as a decentralized exchange (DEX). 0x protocol waits for all transactions to be settled off the blockchain before sending the orders on-chain to be settled.
0x’s own Ethereum token (ZRX) has two main uses within the platform. The first use is for paying trading fees to Relayers for their services. And the other use is to allows ZRX token users to influence the blockchain’s governance.
0x (ZRX) Current Market Status
According to CoinMarketCap, the ZRX price is trading at $0.5872 with a 24-hour trading volume of $37,285,242, at the time of writing. However, ZRX has decreased by 4.47% in the last 24 hours.
In addition, ZRX has a circulating supply of 845,323,730.63 ZRX. Currently, ZRX trades in Binance, OKEx, CoinTiger, Huobi Global, and FTX.
0x (ZRX) Technical Analysis 2021
0x (ZRX) holds the 99th position on CoinMarketCap right now. The recent development and upgrades might push ZRX to reach new heights. Now, let’s deep dive into the ZRX technical analysis 2021. The weekly time frame chart of 0x (ZRX) is shown below.
The above chart shows the Higher High and Higher Low patterns. This pattern is an upward trend, and the value of tokens is generally increasing. As shown in the figure above, ZRX changed from a bearish to bullish trend at the beginning of this period.
ZRX trades in a range of $2.20. If the price breaks the trend line then it falls to the support level of $0.55
0x (ZRX) RSI
The below chart shows the relative strength index (RSI) of ZRX.
As shown in the below chart, RSI remains at 33.31. This shows that ZRX’s price is in a nearly oversold state. However, this shows that traders can trade carefully.
0x (ZRX) RVOL
The below chart shows the Relative Volume of ZRX. RVOL is an indicator that represents to traders how the current trading volume has changed over a period of time compared to the past trading volume.
Notably, in the last week of June, it is found that the RVOL of ZRX observed is weaker. Currently, the RVOL of ZRX remains below the cutoff line which represents the weaker participants in the current trend.
0x (ZRX) Moving Average
ZRX’s Moving Average (MA) is shown in the chart below. Moving Average is a part of technical analysis that supports traders to find trends.
In the 50 MA (Short-term), the price of the ZRX is in a bullish state, and it has broken the 200 MA. However, it will completely go to a bearish state.
Currently, the price of ZRX is trading below the 200 MA level so we can expect more bullish in upcoming days.
0x (ZRX) Price Comparison With Bitcoin
The below chart shows the price comparison between ZRX and BTC.
From the chart we can identify the trend of the BTC and ZRX is moving at the same level as the trend. This indicates when the price of BTC increases or decreases, the price of ZRX also increases or decreases respectively.
Conclusion
With the ongoing developments and upgrades that are taking place within the ZRX platform. 0x has a great future ahead in this crypto market. However, ZRX can reach new heights.
Bullish ZRX price prediction 2021 is $ 2.20. As mentioned above, it may reach great heights, however reaching $3, if investors have decided that ZRX is a good investment in 2021.
FAQ
0x (ZRX) is an open-source protocol built on the Ethereum (ETH) blockchain that enables the peer-to-peer exchange of Ethereum-based tokens. This is also referred to as a decentralized exchange (DEX).
ZRX is listed on many cryptocurrency exchanges that include Binance, OKEx, CoinTiger, Huobi Global, and FTX.
With the ongoing developments and upgrades inside the ZRX platform, it has a high possibility of reaching its ATH soon.
Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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