- ZRX/USD opened the markets at $0.395, losing 9.78 at press time.
- The crypto is on a long-term bearish market and coming out of a bearish flag on the 1-hour chart
- The prices are expected to hit the pivot support S2 level of $0.319.
- Short-term traders have an opportunity to go short on the trade.
- The prices are likely to break the pivot support S2 level of $0.319 to the downside.
ZRX USD has lost over 16 percent of its value in the last 48 hours opening today’s trading session at $0.395 with highs of $0.406 and lows of $0.354. At press time, the crypto had lost 9.78 percent, trading at $0.356.
ZRX USD daily chart
The daily chart price analysis of the crypto indicates that it has resumed its bearish move after a small pullback, which retraced up to 23 percent of Fibonacci retracement. The prices on the daily chart have also moved past the lower band, indicating higher volatility of the crypto to the downside.
ZRX USD 1-hour chart
The ZRX USD has been on a longterm bearish move on the one hour chart, forming bearish flags along the way, resulting in lower lows every time the crypto pulls back.
Currently, ZRX is coming out of a bearish flag which has also created a resistance level at $0.404. At press time, the crypto is trading at $0.356 failing to break after unsuccessfully trying to break the resistance level, which could have seen a reversal of the current trend to the upside.
ZRX has broken the pivot support level of 0.357 to the downside strongly. The next pivot support point on the one hour mark is the 0.319 support level.
One hour chart price analysis for ZRX USD shows that the crypto will continue with its strong bearish move, and is expected to hit the long term pivot support S2 level of $0.319.
ZRX therefore, provides an opportunity for short term traders to jump in the downward trend that the crypto is currently on. In the next coming days, the crypto is expected to continue with its strong bearish move, having minor pullbacks, and it may likely break the support level at $0.319 if the current volatility of the crypto will last.