ZRX has been trading within a 60% high and low pattern for the past year.
This is worth taking note of, as it is one of the few cryptocurrencies that has not suffered three digits swings back in 2019.
Unfortunately, if we look back to the heyday of the crypto market, ZRX is in good company with all other altcoins. It has lost 90% of its value.
Will it ever get back to all-time highs? Not in 2020, the market is immature and 0x is also a relatively new project.
Even if the project is making steady progress, price movements are strongly correlated to Bitcoin. On the bright side, the coin responds very well to BTC break-outs, which is a positive. If it didn’t, that would be a red flag.
Let’s look into the details.
ZRX came away from 2019 with a few scratches. It held up relatively well in a bearish market.
There was a break of support at $0.21 and dropped as low as $0.15 in August. The coin rebounded in October and peaked out at $0.35.
It ended the year back at $0.17 and has kicked on from there into 2020.
Investors of ZRX in 2019 have reason to be satisfied with how this asset performed. Granted, it went down in price but didn’t get demolished like so many altcoins did.
In a year of little fluctuations in price, ZRX has built a solid support level around the area of $0.17 and $0.15.
With Bitcoin dictating the price for most altcoins, a monthly higher-high will be within range in 2020.
It has to break $0.37 to confirm that a higher-high has been set. Ref. Binance chart.
From there on we find resistance at $040 and up to $0.42, but if the coin breaks these levels there is nothing stopping it before $0.86.
As for the lows, there is support from $0.17 – $0.15. Since we are in a bullish trend, it is unlikely that ZRX will fall back down to this level.
But, in crypto, you never know.
It is my belief that 0x (ZRX) will set a monthly higher-high in this year. Of course, this belief is also based on what Bitcoin does.
As you might have noticed the dominance is shifting after BTC recently broke bearish on the dominance chart.
That means altcoins have started to move. Good news for bag holders back in 2017 and 2018.
The prediction for ZRX in 2020 is a price greater than $0.42. I will leave it at that.