0x Protocol Price Prediction 2024: ZRX Price Analysis

Key Takeaways

• The 0x Protocol price has fallen since reaching a new yearly high in March 2024.
• The price has trended downward since its all-time high at the end of 2018.
• Our 0x Protocol price predictions says that ZRX can reach a new all-time high this year.

The 0x Protocol’s ZRX token started an upward movement in the latter half of 2023 but failed to reach a new all-time high. Rather, similarly to how it acted in 2021, the price created a lower high in March 2024 and has fallen since.

So far, it has decreased 10% this year. has been on an upturn in recent months, climbing more than 75% in the space of two months. On June 24, 2024, ZRX was worth about $0.34.

0x Protocol did not respond to a request for comment.

But what is 0x Protocol (ZRX)? How does 0x Protocol work? Let’s examine some of the ZRX predictions made by CCN on June 24, 2024. It is crucial to bear in mind that price forecasts, particularly for volatile assets like cryptocurrencies, often turn out to be inaccurate.

How Do We Make a ZRX Price Prediction?

There are two methods used to create our ZRX price predictions. More specifically, fractals (mirroring movements and indicator readings) and the wave count are used.

The average of the two methods gives the average ZRX price prediction, the more bullish one is used for the maximum price prediction while the more bearish one for the minimum.

Fractal Prediction

In 2020, the ZRX price broke out from an 847-day descending resistance trend line. The breakout was combined with an RSI increase above 50 (green circle). Then, ZRX then created two higher highs (red icons) before correcting. Afterward, ZRX started another upward movement that led to the all-time high price.

This entire increase took 344 days and amounted to an upward movement of a magnitude over 1,000%.

In November 2023, ZRX broke out from a 945-day descending resistance trend line while the RSI increasing above 50. Then, it created two higher highs (green icons) before starting the current correction. The correction and breakout are nearly identical to those of 2020. So, it is possible the ensuing increase will be similar.

Since the second resistance trend line is roughly 10% longer, the assumption is made that the ensuing upward movement will also be 10% longer.

If this happens and the increase also has a 1,000% magnitude, ZRX will reach a new all-time high of $3.30 in November 2024. Then, a similar correction could follow taking the price back to the pre-breakout levels.

A high of $1.31 in 2024 and a high of $0.53 at the end of 2025.

Wave Count Prediction

The wave count prediction implies that both the 2020 and current upward movements are A-B-C corrections (black). This is because they are three wave structures and each of them contains a five-wave increase (white) inside.

In 2020, waves A:C had nearly the same duration and magnitude. The correction is in sub-wave four territory, so if the movement follows the previous pattern, it will end soon.

Giving wave C the same length and duration as wave A leads to a new all-time high price of $3.62 in December. This is similar to the all-time high price of $3.33 from the fractal method.

Then, ZRX can begin a similar correction. This leads to a high of $2.86 at the end of 2024 and $0.79 at the end of 2025.

Finally, we use the rate of increase of the past five years to make a prediction for the end of 2030. ZRX has increased by 55% in the 1,820 days since June 2019. This amounts to a rate of increase of 0.3% per day.

Projecting the same increase until the end of 2030 leads to a high of $0.57. Adding and removing 20% to this value gives the maximum and minimum predictions of $0.70 and $0.46, respectively.

0x Protocol Price Prediction for 2024

The end of 2024 ZRX price prediction differs in the fractal and wave count predictions. The reason for this is that the price will be in different points of its correction both predictions.

In the fractal prediction, ZRX will begin its correction in October, while it will do so in December in the wave count prediction. Both methods predict a new all-time high between $3.30 and $3.60 before the correction. However, the end of 2024 price will be between $1.30 and $2.86.

0x Protocol Price Prediction for 2025

The 2025 price prediction is more similar, since the ZRX price is predicted to be well in its corrective phase with both methods. More specifically, a price between $0.53 and $0.79 is expected.

0x Protocol Price Prediction for 2030

The 0x Protocol price prediction for the end of 2030 uses the current rate of increase. A price between $0.46 and $0.70 is likely if a similar rate of increase continues for the foreseeable future.

ZRX Price Analysis

The daily time frame ZRX price chart shows an ongoing decline since the yearly high of $1.44 in March. On June 7, the ZRX price broke down from a long-term ascending support trend line.

Despite the bearish price action, the daily RSI has fallen into oversold territory. The previous time this happened, it led to the creation of a bullish divergence and a significant upward movement.

Since there is horizontal support at $0.30, it is possible the ZRX price will bounce at the level, in turn creating a bullish divergence in the daily RSI. If this happens, it can trigger the beginning of another upward movement as outlined in the long-term predictions.

Conversely, a breakdown below $0.30 will mean the trend is bearish.

ZRX Price History

The ZRX price increased significantly in the two months since its launch but has fallen since. The price created a lower high in 2021 and 2024, rather than breaking out above its previous cycle highs. Moreover, it has fallen 10% in 2024 and currently trades 86% below its all-time high price.

0x Protocol Performance Comparison

ZRX is part of the decentralized exchange and decentralized finance categories, so let’s compare it with other projects from the same categories that have a similar market capitalization.

Who Owns the Most ZRX?

As of June 24, 2024, the top five biggest ZRX addresses  were:

• 0x1743dfe7eee92b75b18d4a876db5027433f27440 – The wallet holds 136,760,966 ZRX, or 13.68% of the total supply.
• 0x206376e8940e42538781cd94ef024df3c1e0fd43 – The wallet holds 98,350,940 ZRX, or 9.84% of the total supply.
• 0x58485ea7106891bdd94c37ced30c6fdbc5293b16 – The wallet holds 55,000,000 ZRX, or 5.50% of the total supply.
• 0xdb63d40c033d35e79cdbb21430f0fe10e9d97303 – The wallet holds 54,153,005 ZRX, or 5.42% of the total supply.
• 0xba7f8b5fb1b19c1211c5d49550fcd149177a5eaf – The wallet holds 52,363,289 ZRX, or 5.24% of the total supply.

ZRX Supply and Distribution

From the Whitepaper

In its technical documentation, or whitepaper , 0x Protocol says it is a protocol that facilitates the peer-to-peer (P2P) exchange of Ethereum-based assets.

Built by 0x Labs, the protocol serves as an open standard and core DeFi building block for any developer needing exchange functionality.

0x Protocol (ZRX) Explained

The 0x protocol was created by ZeroEx Inc, a company set up in 2017 by Will Warren, a former technical adviser to Basic Attention Token (BAT), and Amir Bandeali, a former trader. 

The idea behind the protocol was to create a space where any sort of asset, whether crypto coin, crypto token, fiat currency, commodities, stocks, or even online gaming items could be tokenised and traded on the blockchain. 

Initially, the plan was to create a standardized way of trading Ethereum (ETH). Instead, the scheme became a decentralized exchange that allowed users to trade independently.

The ZRX token supports the 0x Protocol, which is based on the Ethereum blockchain. 

How 0x Protocol Works

The 0x Protocol has three types of users. These are

• Makers. These are users who place orders on the exchange and wait for them to be matched, thus providing liquidity to the order book.
• Takers. These are people who make orders which are matched immediately on the exchange, thus removing liquidity from the order book.
• Relayers. These users look after the protocol’s order books and help with the communication between the books and the transactions that appear on the blockchain. 

The ZRX token rewards relayers. Holders can vote on changes to the network and set aside, or stake, ZRX to earn rewards. People can also buy, sell, and trade it on exchanges. 

Is 0x Protocol a Good Investment?

It is hard to say. The ZRX price has been trending downward since 2018 and has created two long-term lower highs. However, our price predictions suggest an upward movement is likely this year.

Will 0x Protocol go up or down?

The short-term ZRX price prediction suggests that the downside is limited as long as the price does not close below $0.30. As long as this holds true, the long-term prediction of a new all-time high by the end of the year remains valid.

Should I invest in 0x Protocol?

Before you decide whether or not to invest in 0x Protocol, you will have to do your own research, not only on ZRX, but on other, related, coins and tokens such as Aerodrome Finance (AERO) and Osmosis (OSMO). Either way, you will also need to make sure that you never invest more money than you can afford to lose.

0x Protocol Attention Tracker

Here is a chart for 0x Protocol’s Google search volume for the past 90 days. This represents how many times the term “0x Protocol ZRX” has been Googled over the previous 90 days.

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About the Author

Valdrin Tahiri

Valdrin discovered cryptocurrencies while getting his MSc in Financial Markets from the Barcelona School of Economics in 2017. He has been an avid investor and trader since. Valdrin has written for several cryptocurrency media companies such as BeInCrypto and CoinGape.

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