2018-10-18 17:13 |
0x Project, ZRX, became the sixth project listed to Coinbase Pro last week. It was one of the few cryptocurrencies which performed well given last weeks drop. However, it seems like the spike on Monday has spurred investors and traders to want to buy more of this asset with three consecutive days of increases on significant volume.
ZRX increased from an open of $0.70 on Monday which was priced around the 50 EMA to an intraday high of $1.09 today. It has since retraced to $0.93 on Coinbase which represents over a 30% increase over three days. Price has moved above the 200 EMA with this appreciation. The price is trading at a premium on Bitfinex due to the drop which has occurred in USD Tether (USDT) to 0.96 against the dollar.
ZRX Daily Chart – Source: Tradingview.comThe hourly chart shows how appreciations such as these can be difficult to trade. It is impossible to know when the spike is going to turnaround as can be seen with the movement from the intraday high of $1.09 to $0.91. It emphasizes the need for strict risk management controls for traders who wish to jump into positions in speculation that the trend is going to continue. Volume has dropped since the increase and momentum is starting to shift back towards the sellers as the MACD converges to the centerline.
ZRX Hourly Chart – Source: Tradingview.com Key Takeaways: Price of ZRX appreciates over 30% a week after listing to Coinbase Pro Price has turned around since the increase retracing from an intraday high of $1.09 to $0.91 Short-term momentum starting to shift towards the sellers as the MACD converges to the centerline ZRX trades at a premium on Bitfinex after a drop in USDT to 0.96 against the dollar DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.0x Project Continues Appreciation Week After Coinbase Listing was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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