2018-10-4 16:44

0x District’s token, ZRX, has been holding its value better than most counterpart cryptocurrencies during 2018. Many cryptocurrencies have declined over 95% this year. While ZRX, currently trading at $0.62, has only depreciated about 70% from its price in January.

Price has also recently been looking more bullish as ZRX forms higher highs and higher lows in both price action and RSI. Price action seems to be experiencing some resistance at the 50 EMA, but a significant amount of buying volume would make it likely that price action overcomes this point.

Volume has been low across the market recently as Bitcoin continues to consolidate. Volume has been greater in ZRX than most peers showing more strength behind the move. The project has well-known advisors including three former Coinbase employees Linda Xie and Olaf-Carlson-Wee, and Fred Ersham co-founder of Coinbase.

ZRX Daily Chart – Source: Tradingview.com

Despite looking bullish, it is important for traders in ZRX to monitor Bitcoin closely. With Bitcoin representing 52% of the total market, its movements have a significant impact on the altcoin market. Bitcoin is currently at its average true range low of 2018. The average true range is used as a measure for volatility, and many are anticipating a breakout and increase in volatility occurring shortly.

Bitcoin is currently nearing the end of a triangle pattern which has been forming since January. Traders whether the breakout is more likely to be bullish or bearish with relatively equal pressure on both sides. The RSI is currently trading around 50 representing the equal pressure.

Bitcoin Triangle Pattern. Bitcoin Daily Chart – Source: Tradingview.com Key Takeaways: ZRX has been holding value better than peers. Some bullish signs are forming in ZRX with higher highs and higher lows forming in price action and RSI. Important for traders to monitor market leader Bitcoin which could soon have a bullish or bearish breakout that is likely to have a significant impact on the altcoin market. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

0x District Token ZRX Holds Value Better Than Peers was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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