$ZRX Price Analysis — (From 7/31)

For some reason, a lot of individuals have asked me for a price analysis on the $ZRX token. I’m not sure why, but I am more than happy to oblige.

Disclaimer: This article is not financial advice. The author is not a financial advisor and this article was not paid for.

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Fundamental Analysis

Here’s some brief FA for $ZRX**:**

Based on what I’m seeing above, the Nifty conference + Launch of Protocol V2 should have been the main things that created some sort of hype in the Ox community (I know that I used ‘O’ instead of a zero because the zero looks stupid with this font; can’t do anything about it).

According to this Medium article, it appears as though this launch has already happened:

https://blog.0xproject.com/0x-v2-deployed-on-kovan-first-audit-begins-404567b27742

What is $ZRX?

Good question. Well, for those that don’t know, $ZRX, in a nutshell is designed to do exactly what the GIF at the top of this article shows:

Essentially, they claim that the protocol is for ‘trading everything’.

Here’s an Official Definition for $ZRX:

“0x is an open protocol that facilitates the decentralized exchange of Ethereum-based tokens and assets. Developers can use 0x to build their own custom exchange apps with a wide variety of user-facing applications i.e. 0x OTC, a decentralized application that facilitates trustless over-the-counter trading of Ethereum-based tokens.

The 0x token (ZRX) is used by Makers and Takers to pay transaction fees to Relayers (entities that host and maintain public order books). ZRX tokens are also used for decentralized governance over 0x protocol’s update mechanism which allows its underlying smart contracts to be replaced and improved over time.”

Seems pretty straightforward.

Here’s a YouTube video that outlines ZRX in a little more depth as well:

https://www.youtube.com/watch?v=BQAFPyq8Aq0&feature=youtu.be

Additional Metrics (Courtesy of CoinCheckup):

Here is the NewsFeed Cycle on $ZRX as well:

From CryptoPanic

So, nothing extraordinarily negative that’s raising any red flags.

Looks like this was a typical buy the rumor/sell the news-esque event in crypto.

Let’s get to the

Technical Analysis

Immediate overhead target would be 14.5k sats on the OxProject.

This only represents a +5% gain though, which isn’t exactly a hand-rubbing boost here.

Let’s move this chart up to the 4H range and see what we find there:

Descending triangle chart pattern looks pretty evident from where we’re at, at this point in time.

Source: https://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:descending_triangle_continuation

RSI isn’t doing any favors on the chart either.

Conclusion

Without any option to short $ZRX, there’s nothing here that’s screaming ‘entry’ or ‘buy’, so this is something to merely watch.

Personally, I would set an alarm just over that short-term downtrend resistance price right here:

If price were to reach this point, that would be very bullish.

However, until that happens — this is a wait in my book!

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