The cryptocurrency 0x has seen a 5% price rise over the last 24 hour trading session. 0x now trades at a price around $0.80, at the time of writing, after experiencing a 7-day price decline totaling 4.7%.
0x is presently ranked 25th in market cap rankings with a total market cap value of around $438 million after undergoing an impressive 31% price increase over the past 30 trading days. This puts 0x as the best performing cryptocurrency in the top 25 coins by market cap rankings.
The 15-month old cryptocurrency is now trading at a value that is 66% lower than its all-time high price.
Let us proceed to analyze price action for ZRX/USD over the long term and assess the market behavior.0x Price Analysis ZRX/USD – LONG TERM – DAILY CHART
In the long-term outlook above, we can see that price action has seen a price surge which saw ZRX/USD start from a low of $0.3410 on March 18, 2018 and extend to a high of $2.0572 on May 10, 2018. This created a price increase totaling over 500% from low to high.
We can see that after reaching the high, the market reversed and began to decline until finding an area of strong support at the .886 Fibonacci Retracement level (drawn in red), priced at $0.6098 during June 2018. The market then rebounded from this area until meeting further resistance higher at the .5 Fibonacci Retracement level, priced at $1.2432 during July 2018.
Price action went onto decline further to meet support at the long-term .886 Fibonacci Retracement level (drawn in black) priced at $0.45 during September 2018. It is from this price level where the recent market rally has occurre...