0x partners with Coinbase, causing a spike in the price of the ZRX token

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0x partners with Coinbase, causing a spike in the price of the ZRX token

Coinbase, one of the leading cryptocurrency exchanges, has partnered with the 0x protocol to offer a new non-fungible token (NFT) market. The news caused a sharp jump in the price of ZRX, the native token of 0x.

At the time of writing, ZRX is trading at $0.87, losing 3.17% in the last 24 hours, but maintaining a gain of 19.21% in the last 7 days.

Three hours after the news was published, the price of the token jumped up to 50%. Now a good part of the upside has been wiped out, but the bulls are still the dominant force.

The partnership between these two crypto market giants is intended to keep transaction costs low for users of Coinbase’s NFT platform and offer a powerful multi-chain trading mechanism for NFTs.

To find out where the price of this cryptocurrency may move in the near future, we perform a technical analysis below.

Technical analysis of the 0x token after the partnership with Coinbase

On the monthly ZRX vs USDT chart, we see that the recent rally is still not too relevant, as the price remains locked in a descending channel, as a long-term trend correction unfolds.

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Thanks to the positivity generated by the association between 0x and Coinbase, the price reached a resistance at $1.18, which is what must be overcome to confirm a resumption of the larger trend. If this happens, the next objective is to break the resistance at $1.84, thus clearing the way for the search for new all-time highs.

Immediate support is at $0.57. If the current momentum continues, it is unlikely to be visited or traversed in the near future.

Technical analysis of the 0x token, after the partnership with Coinbase.  Source: TradingView.
Technical analysis of the 0x token, after the partnership with Coinbase. Source: TradingView.

ZRX weekly chart

While we are seeing strong rejection of the high prices achieved after the Coinbase partnership, the 0x token was previously showing a short/medium-term bullish bias.

The 8-week EMA and 18-week SMA are crossed to the upside, following the succession of higher and higher lows.

A bullish momentum is developing, and this would only change if the support at $0.66 is lost.

The 200 weekly SMA is currently bullish as well. This is a very good sign for those who follow the long-term trend.

All our publications are of an informative nature, so in no case should they be accepted as investment advice.

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