Ox (ZRX) has been going strong in the weekly timeframe. However, the cryptocurrency has been volatile – moving up and down. The recent price movements of the cryptocurrency show a downside momentum. At the time of writing, Ox stands at a price level of $0.88. The price of the cryptocurrency has moved up by 3% in the daily timeframe. However, the weekly performance of the cryptocurrency shows a growth of 25%. The daily trading volume of ZRX coin has shot up by 64%.
Technical analysis
The market sentiment for Ox is neutral because of the volatile up and down movements of the cryptocurrency. Ten out of the total twenty-six technical indicators are giving out a signal of sell. Eight indicators of the rest are neutral while the remaining eight are at a bearish signa of sell. The Oscillators are bearish while the Moving Averages are bullish.
Ox coin has been operating on an uptrend trending line. An ascending channel had been broken earlier by the crypto as bearish momentum overtook the market. After which, ZRX embarked on another ascending trendline. The trendline has been acting as strong support up till now and is expected to continue being a source of support for the cryptocurrency. If the supporting trendline is broken to the downside, then Ox coin can be expected to test a lower support lying at below $0.60. In a bullish scenario, the resistance level near $1 can be tested – although it may require a very strong bullish momentum.
Can Ox cross $1?
Ox is an infrastructure protocol which facilitates the trade of ERC-20 tokens. The long-term price prediction for the cryptocurrency is also bullish. According to the estimates of Wallet Investor, the cryptocurrency will cross $1 in around a year’s time with the one-year price projection at $1.40. Digital Coin Price also projects a similar price of $1.39 to be achieved by the end of 2021. Hence, the price target at $1 is achievable for the cryptocurrency in the short to medium term.
