- The short-term is in the uptrend while the medium-term outlook is in a range-bound market.
- Traders should be patient during the consolidation.
ZRX/USD Medium-term Trend: Ranging
Supply zones: 0.3600, 0.3800, 0.4000
Demand zones: 0.2800, 0.2700, 0.2600
The cryptocurrency medium-term outlook remains in a range-bound market. The strong bears’ pressure on price that started on 8th June at $0.3771 in the supply area was weakened at $0.3062 in the demand area on 9th June. ZRXUSD has been consolidating since the drop.
The bulls were obviously in control since the market opens today. The bullish spinning at $0.3249 after the breakout further gave the bulls dominance. Price was up at $0.3384.
The signal of the stochastic oscillator is up at 68% an indication of upward momentum in price within the range.
The cryptocurrency is in consolidation and trading between $0.3500 in the upper supply area and at $0.3100 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required to allow this to happen before a position is taken.
ZRX/USD Short-term Trend: Bullish
The coin is in a bullish trend in the short-term outlook. The bulls staged a comeback shortly after the market opened denoted by the bullish railroad formation. ZRXUSD rose to $0.3346 in the supply area before the bears’ corrective movement.
Price fell to $0.3222 around the trendline. The bounce did push the coin up to $0.3360 in the supply area.
The rid to $0.3600 in the supply area remains strong with the signal of the stochastic oscillator pointing up at 82%. The EMAs are fanned apart which implies strength in trend in the short-term.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
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