0x Protocol Price Prediction: Is ZRX Ready To Hit The $0.4 Mark?

0x is an infrastructure protocol through which users can easily trade ERC-20 tokens. It has enabled over $180 Billion in tokenized value through all major blockchains. It achieves this functionality through open source publicly auditable smart contracts. The developers can use 0x to add flexible multi chain functionality. This are mainly used by companies which are building web 3 apps, wallets and portfolio managers. It was built by Will and Amir in 2016. Its ICO came in 2017 and has raised over $24 Million in it. 0x supports ERC-20 and non ERC-20 tokens  and can be used in a variety of use cases. It has seen a drop of 35% in the users in the past 30 days. ZRX has seen a drop of 52% in the total users. Meanwhile, Uniswap V3 has remained the top liquidity provider for the protocol.

ZRX has a market cap of $228 Million and is ranked 147th as per their market cap. The volume of asset price has seen a drop of 4% in the intraday session. The volume to market cap ratio of 0x suggests a consolidated trend in price.

Is ZRX Ready To For A Rebound?

The weekly technical chart of the 0x suggests a weak consolidated trend in price. The correlation between the ZRX and Bitcoin has seen a surge to 0.73 in the past few days. On the daily chart it is trading near the value of $0.26 with a gain of 6% in the intraday session. There is a strong bearish candle formed in the daily chart. The upside trend of ZRX can see a halt near the value of $0.4.The downside trend of asset price can see a bounce back from $0.2. It is trading just above the 50 and 100 Daily Moving Average. There can be a negative crossover in the near future which can push the asset price to a new low in future.

The RSI of ZRX is near 45 suggesting its presence in the neutral zone. There is no slope in the indicator hinting towards a consolidated momentum in price.

Summary

ZRX has seen a drop in the users and average trading users fee in the past 30 days. 0x is currently in a consolidated trend but can see a bounce back in the future.

Technical Levels

Major Support:$0.2

Major Resistance:$0.4

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.