Resistance

Polygon

Billion

ERC20

Coin

<ul class="list-ic vertical">
 <li><span>1</span> <a>ZRX whales are rapidly building long positions, as reported by Hyblock.</a></li>
 <li><span>2</span> <a>The bulls pushed past major resistance levels of last year.</a></li>
 <li><span>3</span> <a>The protocol has facilitated over $200 Billion in trading volume since its inception.</a></li>
</ul>
<p>The value of the ZRX token surged by approximately 29% over the last month, reaching a yearly high of $0.50 as of press time, according to BeInCrypto data. Santiment, a prominent crypto analytical firm, also attributed this impressive price rally to whale transactions. The firm reported that whale transactions for the crypto tokens are at an 18-month high and older coins are returning to circulation.&nbsp;</p>
<h2 class="wp-block-heading" id="strong-whales-in-zrx-strong"><strong>Whales in ZRX</strong></h2>
<p>Hyblock, a crypto trading platform, further corroborated a report pointing out ZRX. The report stated that in ZRX whales were rapidly building long positions relative to retail.&nbsp;</p>
<p>The ZRX token is driven by the 0x Protocol, which is a decentralized exchange infrastructure protocol. It allows users to trade ERC20 tokens and other digital assets across various blockchain networks, including Ethereum.&nbsp;</p>
<p>The protocol eliminates the need for centralized intermediaries, and ZRX holders engage in governance activities. In addition, they have access to the project’s communal treasury. The protocol has facilitated over $200 Billion in trading volume since its inception. In April, the developers of 0x Labs announced that the project’s governance would transition to the community to enable it to flourish.&nbsp;</p>
<h3 class="wp-block-heading" id="strong-the-major-drivers-strong"><strong>The Major Drivers</strong></h3>
<p>The crypto market is driven by institutional and whale demand, who are scooping up major digital assets. Blockchain data aggregator ‘IntoTheBlock’ posited that institutional and whale demand has picked up strongly. Major cryptos like Bitcoin saw an 80% increase in the volume of transactions over $100,000. Similarly, other famous cryptos also showed growth, including Ethereum (170%), and Polygon (over 3,800%) among others.</p>
<h2 class="wp-block-heading" id="strong-technical-analysis-and-prediction-of-the-zrx-coin-price-strong"><strong>Technical Analysis and Prediction of the ZRX Coin Price&nbsp;</strong></h2>
<div class="wp-block-image">
 <figure class="aligncenter"><img loading="lazy" decoding="async" width="1600" height="763" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-382.png" alt="ZRX Coin Analysis: ZRX Whales are Rapidly Stacking Long Positions" class="wp-image-184173" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-382.png 1600w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-382-300x143.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-382-1024x488.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-382-768x366.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-382-1536x732.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-382-750x358.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-382-1140x544.png 1140w" sizes="(max-width: 1600px) 100vw, 1600px">
 </figure>
</div>
<p>The crypto market has gained attention recently due to the possibility of a Bitcoin ETF, causing top digital assets like Bitcoin, Ethereum, and Solana to reach new yearly highs. This surge has benefited the bulls in the ZRX coin to push past primary resistance levels.&nbsp;</p>
<p>The immediate support level at $0.3686 provides a strong demand zone for the bulls. The following support level is at $0.3037. Similarly, the bears could get a hold of the ZRX <a href="https://www.thecoinrepublic.com/2023/11/17/osmo-coin-bulls-are-confronting-bears-at-the-resistance-level/" target="_blank" rel="noopener noreferrer nofollow">coin price</a> at the resistance levels of $0.450 and $0.522.&nbsp;</p>
<div class="wp-block-image">
 <figure class="aligncenter"><img loading="lazy" decoding="async" width="1600" height="441" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-381.png" alt="ZRX Coin Analysis: ZRX Whales are Rapidly Stacking Long Positions" class="wp-image-184172" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-381.png 1600w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-381-300x83.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-381-1024x282.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-381-768x212.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-381-1536x423.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-381-750x207.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/12/image-381-1140x314.png 1140w" sizes="(max-width: 1600px) 100vw, 1600px">
 </figure>
</div>
<p>However, over the last three days’ candles were bearish, and the immediate support could be broken. If the immediate support breaks, then the coin will reach the 2nd support level of $0.3037.</p>
<h4 class="wp-block-heading"><strong>Conclusion</strong>&nbsp;</h4>
<p>Over the past several weeks, the crypto market has faced increased interest. The crypto market is driven by institutional and whale demand. The ZRX token is driven by the 0x Protocol, which is a decentralized exchange infrastructure protocol. The current trend is up but there is a possibility of a support break.</p>
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4>
<ul>
 <li><strong>Support Levels:</strong> $0.3686 and $0.3037</li>
 <li><strong>Resistance Levels:</strong> $0.450 and $0.522.</li>
</ul>
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5>
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.</p>

ZRX Coin Analysis: ZRX Whales are Rapidly Stacking Long Positions

Table of Contents

Thecoinrepublic.com

Other articles published on Dec 13, 2023

Unraveling Bullish Potential Of Pepe (PEPE), ApeCoin (APE), And Floki Inu Coin (FLOKI) - What To ...

Crypto Assets Triumph As Commodities, But Face Regulatory “Turf War,” Says US CFTC Chair

Avalanche, Cardano lead altcoin gains as Memeinator presale approaches $2M

Circle CEO Jeremy Allaire Says Stablecoin Industry Will See ‘Explosive’ Growth in Coming Years

SBI Holdings and Saudi Aramco Explore Digital Asset and Semiconductor Collaboration

FET Price Prediction For The Weekend: Can Fetch.ai Hit $1?

Join our free newsletter for daily crypto updates!