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0x Tracking Report
An altcoin that has gathered plenty of interest is the Ox Project (ZRX). Having risen to all-time highs of over $2.00 in June 2018, investors have seen an almost 90% fall in price value. The February lows around $0.22 would have tested even the most experienced of investors. A series of lower highs on the weekly timeframe paints a consistent but damning picture; with no real to threat to the descending trendline in sight along the way.
If we zoom into the recent price action, now on the daily chart, we can see that the price looked like some form of reversal may have begun, however, a break below the current ascending trendline was supported by the key $0.25-26 liquidity zone. For now, we need to see a break above this trendline we are currently testing.
We will finally zoom back out to a weekly chart, however, with a Fibonacci extension placed. This illustrates that we have, retraced to the 78.6 level, which confluences with the aforementioned liquidity zone. The -27 and -61.80% extensions also confluence well with the $0.3989 and $0.4400 resistance levels and should be our upside target levels.
It has not been an easy year for ZRX holders, however, their patience looks like it may start to pay off. For those who are looking to invest, they are not far off the lows, there could have definitely been a worse time to invest in ZRX. With the demand for decentralised exchanges growing, Ox project may well be one of the altcoins that shines during the next bull-run.
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