0x protocols homegrown cryptocurrency is named ZRX, which has been moving in different directions based on the latest news and podcast. Last fundamental growth could be one of the reasons for its limited price action that has trapped its market capitalization within $259,391,907.
Recently, Coinbase partnered with ZRX to develop its NFT marketplace with new-age features. Currently ranked 101 based on its latest circulating supply of 847,496,054.80 ZRX, which is 85% of its total supply.
Because of the availability of a large number of Decentralized Exchanges, it is natural to have discrepancies in the prices of any given token at any given time. 0x addresses these issues as a decentralized exchange aggregator PPI. By offering traders access to trade across almost all DEXs, one gets the best possible price and liquidity for buying or selling.
Another great thing about OX is that it’s not just on Ethereum; it also trades from AMS on DSC, Avalanche, Cello, Phantom, and Polygon. Mainstream adoption and credits will be the largest catalyst in the growth of its ecosystem, as witnessed recently in the case of Coinbase adoption news. As crypto users increase, the volume transacted through 0X would increase and help grow its market valuation.
This news break helped ZRX climb a high gain on April 20, 2022, hitting a high above $1 but failed to sustain the bullish trend and resulted in profit booking that decimated its market position. ZRX is offering a revolutionary service, especially for the buyers and sellers to work on the best available price and volumes.
On the price charts, ZRX has declined as crypto leaders entered a bearish market in April 2022. Hitting fresh lows in May and June further contributed to overall negative sentiment. Declining market valuations have resulted in lesser transactions on crypto exchanges resulting in lower token prices.
Jumping from its June lows, RSI has risen from 28 to 56. But failure to sustain a buying rally has again pushed this cryptocurrency with back-to-back negative closings for the past two days. As prices were increasing, the upside wicks on subsequent candles indicate broader selling pressure.
It seems like the 50 DMA curve is testing the strength and patience of buyers. If ZRX jumps past the 50 DMA and tests the immediate resistance level of $0.52, one can expect some consolidation with a positive bias. At the same time, MACD curves are moving ahead towards a possible bearish crossover that will be weighing heavier on the blockchain valuations.
Source: https://www.cryptonewsz.com/ox-witnesses-profit-booking-at-50-dma-curve/