0x Looking Strong Despite Bearish Market - ZRX Price Analysis. Sunday, October 14th
0x Looking Strong Despite Bearish Market
The last few days have been hectic for the crypto market. Investors have lost billions and there is panic throughout. Many are now prophesizing doom for the market as we get nearer to the end of the year. One coin is, however, looking strong amidst all the negative momentum around the market, 0x. Although 0x hasn’t been spared from this recent bloodbath, it is still looking strong and quite possibly looking like it will come out of it stronger.
The reason 0x is still strong is because after losing its position on October 11 when bitcoin dragged below $6,300, the coin quickly recovered and supported its position. While most coins were following suit of bitcoin and falling, 0x in just a couple of hours of the drop began a bullish rally.
The market crash saw 0x drop from just over $0.75 to hit just over $0.65. This drop was not well received by the bulls and in the next couple of hours, they defended it and saw it climb back and go over $0.86. This saw the coin mark a new resistance level and potentially mark a higher support level.
At the time of writing this, the coin is trading once again above $0.75 which is the price it was trading at before the market crashed. Although most coins have lost their positions and are valued way below what they were valued just 48 hours ago, 0x seems to have found a way to escape this. In the last 24 hours the coin has dropped by 1.88% but given its price position, this is unlikely to worry investors.
This recent price fall and 0x’s resistance might have just asserted confidence to investors and it is likely that 0x comes out of this crash stronger than it went into it.
ZRX/USD Price Chart, Sunday October 14th:
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