1. Overall Trend:
The ZRX/USDT pair has shown significant upward momentum, breaking above the 200-period moving average (currently at $0.3716). This indicates a transition from a bearish trend to a bullish one.
2. Support and Resistance Levels:
Key Support: $0.5000
Immediate Resistance: $0.5500
Major Resistance Zone: $0.7000 (historical levels of rejection).
3. Technical Indicators:
RSI (14): Currently at 57.68, indicating neutral momentum with room for further upside.
MACD: Positive crossover with histogram values increasing, suggesting bullish momentum.
Volume: Volume has spiked significantly, supporting the recent price surge.
4. Cluster and Zone Analysis:
The price recently broke through a strong resistance cluster around $0.5000.
The next challenge lies in the resistance cluster near $0.5500-$0.6000, which aligns with historical price rejections.
Conclusion:
ZRX/USDT is showing strong bullish signs with solid support at $0.5000. Traders should watch for a breakout above $0.5500 for confirmation of a continued uptrend. Risk management is advised in case of a bearish rejection at current resistance levels.