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Ox Price Analysis: ZRX Token Price At The Neckline Of A Double Bottom Pattern

ZRX token
  • ZRX token can soon provide a bullish crossover of the 20 and 50 EMA’s in the daily time frame
  • The ZRX/BTC pair was trading at 0.00002204 BTC with a gain of 3.80%
  • The 24hr trading volume is ZRX tokens $85.9 Million.
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The ZRX token showed a remarkable 63% recovery after the price took its second bounce from the $0.52 support. Furthermore, this second jump from the bottom support has resulted in forming a double bottom pattern in the daily time frame. Currently, the price is precisely at the $0.85 neckline of this pattern, providing new hope to the token bulls.

The ZRX token indicates a bearish trend as it is trading below the trend defining 100 and the 200 EMA’s. However, this rally has already reclaimed the 20 and 50 EMA’s and can soon provide a bullish crossover.

The RSI (BULLISH) value for the ZRX token is 66, indicating a strong bullish sentiment in the token. Moreover, the investors can also notice a bullish divergence in the RSI line, indicating the increasing strength of the bullish momentum.

ZRX Token Shows A Steady Bull Rally In 4hr Time Frame Chart

Tradingview

The ZRX token shows a highly reliable ascending trendline leading the new rally in the price. This support trendline could be very useful for the ZRX traders as they can find multiple entry opportunities to ride the new bullish rally. 

The MACD indicator (BULLISH) shows bullish momentum in the token as both the MACD line and the signal line are moving higher to the neutral zone(0.00). In addition, the Investors can also see a bullish crossover in these lines, projecting a buy signal for the ZRX traders.

Conclusion: From the technical perspective, the overall trend of the ZRX token is bearish. However, the daily double bottom pattern brings out an excellent long opportunity for the ZRX traders, which could provide an astonishing 20 to 40% returns with a successful breakout. Moreover, the traders can also use the rising trendline to grab some excellent entry opportunities in this coin.

Support– $0.85

Resistance– $1

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