0x (ZRX) Price Analysis : 0x’s market confounded with Subsequent Fluctuation in Trading Values

0x – is an open, permissionless protocol that facilitates low friction peer-to-peer exchange on the ETHEREUM blockchain. Also, it represents the beginning to the end of the exchange industry’s rent-seeking oligopoly- Zero exchange. 0x’s primary focus is on transferring tokens from one person to another, on the ethereum blockchain, without afflicting more fees and time delays. It intends to carry this out by moving most of its transaction off-chain, i.e., outside the blockchain. The ZRX token works as a mode of payment by the users of the protocol and as a governance token for protocol upgrades. The smart contracts that 0x is active are not specific to a single application. They are open sourced; hence any entity can fuse them into their application or service.

Ox Chart

According to reports from Coinmarketcap, the market cap value of 0x (ZRX), the 40th ranked cryptocurrency, as on March 14 at 14:34 UTC is USD 153,254,754. The corresponding prices of ZRX/USD pair and ZRX/BTC pair are USD 0.261623 and 0.00006692 respectively. The MCap value has been majorly on a huge fluctuation, with subsequent ups and downs. The market cap traded at 165 million USD at the beginning of January and crossed over 188 million USD on January 06. However, the values started down drifting after January 25. It reached its lowest of USD 127,491,525 on February 07 at 02:34 UTC which is 20.21% lower than the current value. There was an elevated percentage value of 27.74% between February 07 and March 13 when the numbers rose from the all-time low to its all-time high of $162,860,312. After the brief enhancement, the values descended to the current value. The 14-day MA shows an uptrend in values from $146,181,697 on February 28 to the current value by 4.84%. This increase in values shows that the market has been under bullish pressure.

The MCap/USD pair of ZRX has been on the lead followed by the price of BTC. The analysis shows that the price of BTC had dropped from an all-time high of 0.00008726 on January 24, 2019. The high values did not sustain for long and have been on a downtrend reaching its lowest on March 04 with a value of 0.00005996, an 11.61% decrease. The MCap/USD of ZRX reached its all-time high on March 13 with MCap and reached its peak price of USD 0.278777. Nevertheless, the milestone ZRX achieved was proved when it rallied from a low of $0.234492 on February 24 to a high of $0.276753 on February 27, which is an 18.02% increase within 03 days.

The 20-day EMA shows that the current market is on the uptrend with an increase in value, an average of 5.21% concerning the market cap. The moving averages have been on an uptrend with both the percentages in sync, giving the bulls an upper hand. This variation points the balance only in favor of buyers. Hence, traders with short term investment plans can venture in the current market to receive good profits. The volatility of ZRX does not allow investors with long term plans to invest right away. They should observe the market trend and take a step if the values are stable. However, traders’ investments will increase the value in the future. However, for further price updates, you must read more about ZRX coin price prediction to understand the correct time of investment in ZRX coin.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

Related Articles

Back to top button
Bitcoin (BTC) $ 62,131.65
Ethereum (ETH) $ 3,411.57
Tether (USDT) $ 1.00
BNB (BNB) $ 579.11
Solana (SOL) $ 137.78
XRP (XRP) $ 0.476795
Dogecoin (DOGE) $ 0.126541
Cardano (ADA) $ 0.393303