0x (ZRX) Price Analysis: ZRX Price Skyrockets, Aiming for $1

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0x (ZRX) Price Analysis: ZRX Price Skyrockets, Aiming for $1
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ZRX/USD Medium-term Trend: Bullish


Supply levels: $0.96, $1.06, $1.13
Demand level: $0.87, $0.79, $0.69
0x is bullish in its medium-term outlook. 0x started moving sideways since October 12, within the range bound of $0.79 and $0.69. Yesterday, the buyers gained enough momentum and pushed the 0x to break the former supply levels of $0.79 and $0.87. The uptrend movement was sustained.
Today the first market opening candle on the 4-Hour chart is a strong bullish candle that headed to the north and broke up the supply levels of $0.96 and $1.06. Continuation of uptrend movement was disrupted by the bears with their pressure, pushed the price back to the south which may serve as a pullback for the coin before it continues its uptrend movement.   
0x is currently trading above the 10-day EMA while 50-day EMA is below the 10-day EMA. It is moving away from the EMAs indicating further uptrend movement. The Stochastic Oscillator period 14 is above 75 levels with its signal lines points to the north, suggesting buy signaling. In case the demand level of  $0.96 holds the price will further its uptrend movement.

ZRX/USD Price short-term Trend: Bullish


The cryptocurrency is also bullish in its –Hour chart. 0x consolidated for more than three days before it broke up the former supply levels of $0.79 and $0.87 yesterday. Earlier trading hour today, it has broken the supply levels of  $0.96 and $1.06 before the uptrend was reversed by the sellers at the supply level of $1.06 with formation of strong bearish candles and the price was reduced to $0.96, which may be an inevitable price retracement for the coin before soaring higher.
The coin is above 10-day EMA and the 50-day EMA; the two EMAs are well separated from each other which serve as a confirmation for the continuation of an uptrend.  However, the Stochastic Oscillator 14 is above 65 levels turning to the north indicating buy signaling.
In case the demand level of $0.97 does not hold with more pressure from the bears the price will be exposed to the $0.87 price level.   


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.