ZRX whales are rapidly stacking long positions

The value of the ZRX token has surged by approximately 29% over the last month, reaching a yearly high of $0.50 as of press time, according to BeInCrypto data. Santiment, a prominent crypto analytical firm, attributed this impressive price rally to whale transactions. The firm reported that whale transactions for the crypto tokens are at an 18-month high and older coins are returning to circulation. 

Whales in ZRX

Hyblock, a crypto trading platform, further corroborated a report pointing out ZRX. The report stated that in ZRX whales were rapidly building long positions relative to retail. 

The ZRX token is driven by the 0x Protocol, which is a decentralized exchange infrastructure protocol. It allows users to trade ERC20 tokens and other digital assets across various blockchain networks, including Ethereum. 

The protocol eliminates the need for centralized intermediaries, and ZRX holders engage in governance activities. In addition. They have access to the project’s communal treasury.  The protocol has facilitated over $200 billion in trading volume since its inception. In April, the developers of 0x Labs announced that the project’s governance would transition to the community to enable it to flourish. 

The Major Drivers

The crypto market is driven by institutional and whale demand, who are scooping up major digital assets. Blockchain data aggregator ‘IntoTheBlock’ posited that institutional and whale demand has picked up strongly. Major cryptos like Bitcoin is seeing an 80% increase in the volume of transactions over $100,000. Similarly other famous cryptos also shoed growth, Ethereum 170%, and Polygon over 3,800% 

Technical Analysis and Prediction of the ZRX Coin Price 

The crypto market has gained attention recently due to the possibility of a Bitcoin ETF, causing top digital assets like Bitcoin, Ethereum, and Solana to reach new yearly highs. This surge has benefited the bulls in the ZRX coin to push past primary resistance levels. 

The immediate support level at $0.3686 provides a strong demand zone for the bulls. The following support level is at $0.3037. Similarly, the bears can get a hold of the ZRX coin price at the resistance levels of $0.450 and $0.522. 

However, one of the significant things is that the last three days’ candles were bearish, and the immediate support could be broken. if the immediate support breaks, then the coin will reach the 2nd support level of $0.3037

Conclusion 

Over the past several weeks, the crypto market has faced increased interests. The crypto market is driven by institutional and whale demand. The ZRX token is driven by the 0x Protocol, which is a decentralized exchange infrastructure protocol. The current trend is up but there is a possibility of a support break

Technical Levels

• Support Levels: $0.3686 and $0.3037
• Resistance Levels: $0.450 and $0.522.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.

Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.