0x (ZRX) is an altcoin that runs on the Ethereum blockchain. It uses the open-source 0x protocol. This protocol has provided the requisite infrastructure for the development of many DeFi applications. As per market capitalization, it is ranked 67th among all cryptocurrencies.

Past Performance of ZRX

The opening price of ZRX was $1.53 as of February 25, 2021. The closing price of ZRX was $1.46 as of March 4, 2021. Thus, the ZRX price has plummeted by roughly 5% in the past week.

In the past 24 hours, ZRX has been trading between $1.37-$1.53.

https://www.tradingview.com/x/kReHbTZ1

Technicals for the Day-Ahead and Tomorrow

Currently, ZRX is trading at $1.42. The price has dipped from the opening price of $1.46. Thus, the market doesn’t look very healthy.

The RSI indicator is at 56% now. A couple of hours it rallied from the ‘oversold’ region. Buying volumes are slowly picking up but the RSI faced a bearish swing rejection at 62%. Thus, the price may go up with intermittent price pullbacks.

The MACD and signal lines are negative. However, they are very close to the zero line and may become positive soon. Moreover, a bullish crossover by the MACD line over the signal line points towards an impending trend reversal. Thus, the price may start rising.

The OBV indicator has fallen steeply. Whale distribution is high. High offloading activity in the ZRX market will exert downward pressure on the price. Thus, the price will struggle to go up.

Currently, ZRX is trading below the Fibonacci pivot point of $1.45. As the market momentum is bearish, the price may fall below the first Fibonacci pivot support level of $1.39, in some time. Look at the next four hours to determine direction.

The price has tested and fallen below the 38.2% FIB retracement level of $1.43. As the bears are strong, the price may soon fall below the 23.6% FIB retracement level of $1.41. The price downtrend is likely to continue tomorrow as well.