Before we proceed to ZRX analysis, we will first of all have to review Bitcoin market price and actions.
Bitcoin price review
Just yesterday I Informed my team during our trading hours at the office that the price of Bitcoin might be recovering should we find a strong support at the price between $81k and $80k price level.
Bitcoin found support at $81,400 price level, making a little consolidation, as it immediately impulse up. We found this level intriguing as it appeared to be a good entry price level offering opportunity to go long with 3x RTR, so my team took advantage of this opportunity in long position.
Today we see bitcoin Build up a support level about the upper newer territory at between the price of $86k and $87k, and moved up to about $90K.
It is rightly possible to see Bitcoin breaking the previous highs at $93,700 If a successful retracement is made, with respect to $87k price level. I think what we should be keeping our eyes on is the buy volume which will indicate strength or weakness.
Ox Protocol Market Analysis
I understand this might be the first time most of you are hearing of ZRX. For more than a year now, we {my team and I} have been having ZRX on our watchlist as one of the most volatile token, offering a good trading opportunity to make decent amount.
But what is Ox protocol?
OX is an infrastructure protocol that allows users to easily trade ERC20 tokens and other assets on the many different blockchains (including Ethereum) without relying on centralized intermediaries. It is a protocol for decentralized exchange.
The current Ox Mc is about $235.49 million, with a circulating supply of about 848.39million ox token, with the current price at $0.2775 at the time of writing.
Ox Market Behavior
One of the reason why we added ox to our watchlist was mainly because of it price volatility. Ox has done $1.4 price level, and dropped to almost $0.188, which often seems to be a very strong support price level. We have seen Ox testing $0.5 to $1.00 price many times. So quick investors who cares to buy between $0.188 to $0.3 makes a very good entry. During bitcoin bull run of 2024, Ox surge from $0.2 to about $0.98. I remember we accumulated the token at $0.243 earlier before the surge.
The current price of Ox is about $0.2775, recovering from the previous low at the price of $0.24. However, am perceiving that the price might drop lower if we break the bearish absorption candle or the low at $0.246. It might offer nice opportunity to buy and accumulate at a very discounted price.
Conclusion
We will notice a lot of Variables in the market and extreme volatility these days. My advise is that you trade with dignity and caution as the market is very volatile and almost unpredictable. Thus, this piece does not induce or suggest any trading and investment advice. Therefore always remember to carry out your own research.
Resource: https://coinmarketcap.com/currencies/0x/
Resource:https://www.tradingview.com/chart/JZ9xNbkl/?symbol=BINANCE%3ABTCUSDT
