0x (ZRX) Profit Booking Cookies at 50 DMA Curve!

The local cryptocurrency of 0x protocols is called ZRX, which is moving in different directions based on the latest news and podcasts. The latest fundamental growth could be one of the reasons for its limited price action which has trapped its market cap below $259,391,907.

Recently, Coinbase partnered with ZRX to expand their NFT marketplace with new-era features. Currently ranked 101 based on its last circulating supply of 847,496,054.80 ZRX, or 85% of its total supply.

Due to the availability of a large number of decentralized exchanges, it is natural to have discrepancies in the prices of any given token at any given time. 0x solves these problems as a PPI decentralized exchange aggregator. By giving traders access to trade on almost any DEX, you get the best possible price and liquidity to buy or sell.

Another great thing about 0x is that it’s not just on Ethereum; it also trades from AMS on DSC, Avalanche, Cello, Phantom and Polygon. Consumer adoption and credits will be the biggest catalyst for the growth of its ecosystem, as evidenced by the recent case of Coinbase adoption news. As crypto users increase, the volume of transactions through 0x would increase and help increase its valuation in the market.

This break helped ZRX climb a high gain on April 20, 2022, hitting a high above $1, but failed to sustain the uptrend and resulted in profit booking which decimated its market position. ZRX offers a revolutionary service, especially for buyers and sellers to work out the best prices and volumes available.

On the price charts, ZRX declined as the crypto leaders entered a bear market in April 2022. Hitting new lows in May and June further contributed to the overall negative sentiment. Falling market valuations led to less trading on crypto exchanges, which led to lower token prices.

Jumping from its June lows, the RSI rose from 28 to 56. But the inability to sustain a buying rally has again pushed this cryptocurrency with consecutive negative closes over the past two days. As prices moved higher, upward wicks on subsequent candles indicate broader selling pressure.

It seems that the 50 DMA curve is testing the strength and patience of the buyers. If ZRX breaks above the 50 DMA and tests the immediate resistance level of $0.52, some consolidation can be expected with a positive bias. At the same time, the MACD curves are moving towards a possible bearish crossover which will weigh more heavily on blockchain valuations.