0x: Breakout and Retest Confirms Bullish Trend
0x (ZRX) is a decentralized exchange (DEX) protocol that allows users to trade tokens on the Ethereum blockchain. 0x has been trading below $0.5 for an extended period, forming a massive accumulation zone. The price recently broke out of this zone and reached a high of $1.00. It has since retraced and retested the $0.90 level and the upper trendline of the accumulation zone. This retest confirms the bullish trend and suggests that 0x is poised for further gains.
On lower Time frame 0x is making manipulation pattern by Wyckoff ( AMD ) -
The accumulation zone:
The accumulation zone is a price range where large buyers accumulate tokens at low prices. This creates a strong support level that can propel the price higher once it breaks out.
The breakout:
The breakout from the accumulation zone occurred on January 18, 2023. The price surged from $0.50 to $1.00 in a matter of days.
The retest:
The price has since retraced and retested the $0.90 level and the upper trendline of the accumulation zone. This retest confirms the bullish trend and suggests that the breakout was valid.
Bullish factors:
The price has broken out of a long-term accumulation zone.
The breakout was followed by a strong rally.
The price has retested the breakout level and held.
The volume is increasing, which is a sign of strength.
The RSI is above 70, which indicates that the price is overbought but not necessarily due for a correction.
On lower Time frame 0x is making manipulation pattern by Wyckoff ( AMD ) -
The accumulation zone:
The accumulation zone is a price range where large buyers accumulate tokens at low prices. This creates a strong support level that can propel the price higher once it breaks out.
The breakout:
The breakout from the accumulation zone occurred on January 18, 2023. The price surged from $0.50 to $1.00 in a matter of days.
The retest:
The price has since retraced and retested the $0.90 level and the upper trendline of the accumulation zone. This retest confirms the bullish trend and suggests that the breakout was valid.
Bullish factors:
The price has broken out of a long-term accumulation zone.
The breakout was followed by a strong rally.
The price has retested the breakout level and held.
The volume is increasing, which is a sign of strength.
The RSI is above 70, which indicates that the price is overbought but not necessarily due for a correction.
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