0x Project [ZRX] Retraces Its Coinbase Effect Gains

2018-10-29 19:44

While most of the cryptocurrency market has been consolidating over the past two weeks, 0x Project has been declining. 0x Project, ZRX, increased after speculation and an official announcement that it would be listing to Coinbase Pro. Known as the Coinbase effect, projects that get listed to Coinbase undergo significant appreciations as their projects are opened up to significant amounts of capital.

The project has been retracing over last week moving from around $0.93 on Bitfinex to its current price near $0.77. The prices on Bitfinex trade at a premium compared to Coinbase due to the recent crash in USD tether. The momentum is largely on the side of sellers with the RSI forming lower lows and lower highs, and also the MACD converging to the downside.

ZRX Daily on Bitfinex Chart – Source: Tradingview.com

The longer-term price prospects for the project remain uncertain, but in the near-term, ZRX seems to be undergoing a correction. Today’s bearish movement in Bitcoin is also being mirrored by the project. Bitcoin ended a two-week period of consolidation with a significant movement to the downside. The main part of the drop occurred over the space of two hours and the same can be seen in ZRX. After trading sideways for a few hours after the drop, ZRX seems to be continuing with another move to the downside showing a bear flag pattern taking place on the hourly chart.

ZRX Hourly Chart – Source: Tradingview.com Key Takeaways: ZRX has been decreasing in price over the past week while the rest of the market has been consolidating showing a correction after its listing to Coinbase. ZRX has mirrored market leader Bitcoin breaking bearish over the course of two hours. ZRX has formed a bear flag on the hourly after trading sideways after the initial drop and then continuing its move to the downside. 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 [ZRX] Retraces Its Coinbase Effect Gains was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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$ 0.0045874 (-2.13%)
Объем 24H $10.918k
Изменеия 24h: -5.90 %, 7d: -1.60 %
Cегодня L: $0.0045874 - H: $0.0045874
Капитализация $1.882m Rank 999999
Цена в час новости $ 0.0203049 (-77.41%)

coinbase project effect zrx cryptocurrency projects retraces

Источник: blokt.com

coinbase project → Результатов: 35


Фото:

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2018-8-29 19:00


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