- ZRX is testing critical support levels at $0.13–$0.20, which have historically acted as accumulation zones for long-term investors.
- Bollinger Bands and Stochastic RSI indicate ZRX is oversold, signaling the potential for a short-term relief rally, yet bearish momentum persists.
- If ZRX fails to hold the $0.13 level, a significant decline could follow, with targets at $0.08, $0.055, and $0.035.
0x Protocol (ZRX) demonstrates a deep-rooted support level of $0.14, and the stage is then set for near-term price movement. Recent market actions point toward the asset challenging a historic support level between $0.13 and $0.20. Its latest technical analysis is amid conflicting signals concerning the momentum and structure of trends.
Support Levels and Historical Context
Crypto analyst Ali_chart pointed out that ZRX has constructed a strong support wall at $0.14 for over seven years. Such a support band is referred to as a crucial accumulation point for long-term investors. Experts point out that the level holds steady even in the face of recent pressure in the $0.13–$0.20 range.
The asset breached the $0.30 support level strongly in the recent past. It is in line with a downtrend that had lower tops and lower bottoms starting in mid-2021. From historical data, ZRX peaked in early 2018 at roughly $2.60 and was nearly $2.00 in 2021. These historical price points show that the asset was subjected to extreme volatility and that the current level is a critical point.
Technical indicators and price action
The present technical picture bears bearish indications in the presence of near-term oversold levels. Bollinger Bands depict a middle band in the vicinity of $0.2400, an upper band of about $0.2941, and a lower band of near $0.2039. ZRX is in the vicinity of $0.2184 after rebounding off the lower Bollinger Band. This type of movement tends to signify near-term oversold levels and subsequent potential for a short-term reversal towards the middle band.
Also, the Stochastic RSI is still significantly oversold, where the K line stands at 8.36 while that of D stands at 6.37. We see a minor bullish cross, indicating a potential for a short-term relief rally by the buyers. But the daily candle shows a reversal wick below $0.20, which may point toward a near-term relief rally. ZRX still trades below the 20-day simple moving average, and hence overall there exists a bearish inclination.
Market Momentum and Future Scenarios
There seems to be increasing downward momentum with larger red candles on the weekly charts affirming the bearish configuration. An unmistakable bull argument can emerge if the price sustains the $0.13 support level. Breaking above $0.30 can be a confirmation of the bull, and a bounce off this multi-year support can be a sign of accumulation akin to previous cycles.
In contrast, a weekly close below $0.13 can unleash additional declines, and downward targets could hit $0.08, $0.055, or $0.035. The technical setup exhibits typical lower highs and lower lows, starting in mid-2021. Market participants and traders should watch for the response in the $0.13–$0.20 level closely as it will remain important in validating the next movement.
ZRX was valued at $0.2183 at the time of writing and has a 24-hour transaction value of $40.8 million and a market cap of roughly $185.4 million.
