ZRX Technical Analysis: Price Likely to Fall Below Levels of $1.74 and $1.71

ZRX is a public blockchain network that facilitates the exchange of crypto assets among peers on the Ethereum blockchain. It is a liquidity aggregator in the decentralized finance (DeFi) sector. The smart order routing feature of this network splits digital money transactions in such a way that users will experience minimum slippage. This ecosystem is powered by the ZRX token. The ZRX technical analysis is as follows:

Past Performance

On April 21, 2021, ZRX started trading at $1.71. On April 27, 2021, ZRX closed at $1.82. Thus, in the past week, the price has surged by roughly 6%. In the last 24 hours, ZRX traded between $1.74-$1.85.



Day-Ahead and Tomorrow

Currently, ZRX is trading at $1.77. The price has decreased from the day’s opening price of $1.82. Thus, the market seems to be downtick.

The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect the price to decline further.

Currently, the RSI indicator is at 39%. It faced rejection at 42% after a short rally from the oversold region. Thus, selling pressures are high. Hence, the RSI oscillator is giving further credence to a price dip.

The A/D indicator has fallen steeply. Thus, whale distributions are higher than whale accumulations. Heavy selling activity will push the price further down. To sum up, all the three oscillators have indicated a bearish price trend.

ZRX Technical Analysis

Observing in ZRX technical analysis, the price has fallen below the first Fibonacci pivot support level of $1.77. As the bears are strong, the price is soon likely to fall below the subsequent support levels of $1.74 and $1.71, respectively.

The price has tested and fallen below the 23.6% FIB retracement level of $1.77. It is soon likely to fall below the 23.6% FIB extension level of $1.72. Thus, the price downtrend is strong and likely to continue tomorrow as well.


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