ZRX/USDT Tests Key Level
Moving Averages:200-period SMA: The 200-SMA is currently at $0.3417, with the price trading above it at $0.3548. This indicates a short-term bullish momentum, as the price remains above the 200-SMA, suggesting it is acting as dynamic support.
RSI:RSI: The RSI is currently at 59.72, which is in the neutral-to-bullish zone. There is still room for upward movement before entering overbought territory, signaling potential for further gains.
MACD:MACD: The MACD line is at 0.00034, with the signal line at 0.0031, indicating a recent bullish crossover. This suggests increasing bullish momentum, but the signal is not yet strong, so continued gains are not guaranteed.
Support/Resistance Levels:Support: The nearest support is at $0.3520 (VWAP level) and $0.3417 (200-SMA). These levels are crucial for the price to maintain its upward trajectory. A breakdown below these levels could lead to a bearish reversal.Resistance: Immediate resistance is at $0.3575, with a break above this potentially leading to a move toward $0.3700.
Bullish Scenario:
If the price holds above $0.3520 (VWAP) and breaks above $0.3575, the next target could be $0.3700. The MACD supports further upward movement, and the RSI still has room to rise.
Bearish Scenario:
If the price fails to break above $0.3575 and drops below $0.3520 (VWAP) or $0.3417 (200-SMA), a deeper correction could follow, potentially testing support levels around $0.3300.
Disclaimer:
This analysis is for informational purposes only and should not be considered financial advice. Cryptocurrency trading involves risk, and you should conduct your own research or consult with a licensed financial advisor before making any trading decisions.