0x (ZRX) Falls 45% but Price Action Suggests a Bottom May Be Forming

The ZRX price increased over 80% in November, breaking from the long-term resistance of $0.55. The increase continued in the first week of December, leading to a high of $0.91.

While ZRX has fallen since it validated the previous resistance as support, if successful, this could lead to an upward movement to new highs.

Let’s analyze the price action and see how likely this is.

ZRX Price Breaks Out

Since July 2023, the ZRX price has increased alongside an ascending support trend line (white icons). More recently, the trend line was validated several times between August and November 2024.

After beginning a parabolic increase in November, ZRX broke out from the $0.55 horizontal area and reached a high of $0.91.

After a slight decline, ZRX is attempting to validate it as support. If successful, this would pave the way for an upward movement toward the yearly high region of $1.30.

Technical indicators are bullish, supporting the continuation of the upward movement. The Relative Strength Index (RSI) has crossed above 50, and the Moving Average Convergence/Divergence (MACD) has moved above 0.

So, the weekly time frame suggests the ZRX price will eventually find support and increase toward the long-term horizontal resistance at $1.30.

New ZRX Highs?

Aligning with the positive price action and indicator readings, the wave count also gives a bullish ZRX prediction.

The most likely wave count suggests that ZRX started an A-B-C corrective structure (white) at the beginning of 2023. Wave A developed into a leading diagonal. The sub-wave count is black, implying that ZRX is in sub-wave three. 

Giving waves A:C the same length leads to a high of $2.27, slightly below the all-time high price of $2.53. An extension of wave C that gives it 1.61 times the length of wave A would lead to a high of $3.51.

The latter target is more likely since the sub-wave count favors an extension.

Despite this bullish prediction, closing below the $0.55 horizontal support area will put this count at risk. If that happens, it may be that the upward movement is corrective, and ZRX will return to its yearly low of $0.23. Currently, this seems less likely.

$0.55 Area Critical

The ZRX price likely started a new upward movement after breaking out from the $0.55 horizontal area. If it bounces at the $0.55 area and validates it as support, ZRX will confirm this, which could trigger an increase to at least $2.27.

However, closing below $0.55 will put the count at risk and could trigger a significant downward movement.

About the Author

Valdrin Tahiri

Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.

He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.

Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.

He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.

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