0x (ZRX) is a token that works in the Ethereum chain, created under the ERC20 standard model. Its purpose is to facilitate the use of the protocol with the same name, so we can classify it as an ecosystem formed by 2 essential parts.
Thanks to these 2 components, its developers managed to create a powerful network for decentralized exchanges.
The solution offered by this project is the interoperability between decentralized applications, also known as DApps, using the intelligent contracts of Ethereum.
With this system, the DApps can access liquidity funds, or even create their own, to charge transaction fees, improving their economic capacity, while increasing their security.
After identifying the need for token exchange, in view of the imminent growth of asset tokenization, the creators of 0x took the step in 2016 and started what today is one of the most important decentralized exchanges.
The 0x token currently has a daily volume of $62,884,883, a price of $0.4317 per unit, and a capitalization of $308,273,550, making it the 42nd largest token in the crypto ecosystem. With these data we can be sure that the adoption of the project has been increasing, and with it the success comes from the hand.
What can we expect from its price in the near future? To find out, check out the analysis below.
0x: 5 key points to understand decentralised exchange
Trend of 0x (ZRX)
Currently its price is struggling with strong resistance at $0.43, a supply zone left with the last high of 2020.
As I mentioned, 0x is one of the few cryptomonies that has not managed to wake up with much upward positivity in recent days.
However, it is still quite feasible that it will do so, and it may be very soon.
On the weekly chart we see a clear upward trend for the medium term, due to rising lows. This trend is supported by the EMA 8 and SMA 18 moving averages which are crossing upwards and working as dynamic supports.
During the last almost 3 months, the ZRX token price has been locked in a strong side, with support at approximately $0.30, and resistance at $0.43.
The odds are in favor of an escape at the top. If it happens, it will leave the ground clear to $0.8636, if only the barriers seen in the weekly chart are taken into account.
0x in review
Within the consolidation we can also observe internal trends, and currently the short term trend is upward, quickly identified with the 8-day EMA and 18-day SMA moving averages crossing upwards.
The 200-day SMA is also bullish at the moment, supporting the great Cryptosoft price recovery, after the strong fall of the markets in March.
From the daily timeframe, the supply zone extends to almost $0.50, so an upward cash breakout seems to need to cross this entire area.
In the short term, the odds are in favor of the upside scenario, as the succession of rising minima and maxima continues.
What do you think, is 0x (ZRX) about to wake up?. Let us know your opinion in the comments!
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