Here is why ZRX is up by nearly 10% today

Here is why ZRX is up by nearly 10% today

By Hassan Maishera - min read

The cryptocurrency market has been underperforming over the past 24 hours and could record further losses soon.

The broader crypto market has entered a bearish trend again despite a good start to the week. The market has lost nearly 5% of its value in the last 24 hours and currently has a total market cap of $1.77 trillion. 

Bitcoin is down by more than 5% so far today and now trades around $38 per coin. Ether has also lost more than 5% of its value in the last 24 hours and currently trades at $2,847 per coin.

ZRX, the native token of the 0x Protocol, is the best performer amongst the top 100 cryptocurrencies by market cap. ZRX, alongside STEPN, are the only cryptocurrencies trading in the green zone amongst the top 100.

ZRX has added more than 9% to its value in the last 24 hours, making it the best performer amongst the leading 100 cryptocurrencies. 

The ongoing rally is fueled by the news that 0x Labs raised $70 million in a recent Series B funding round. The funding round was led by Greylock and other investors, including Pantera, Sound Ventures, A.Capital, Jump Crypto, OpenSea, Coinbase, Brevan Howard, IOSG Ventures, Reid Hoffman and Jared Leto.

Key levels to watch

The XRZ/USD 4-hour chart is currently positive as 0x has been performing well in the last 24 hours. The technical indicators show that the coin’s performance has been positive in the past few days.

The MACD line remains below the neutral zone but could soon be out of the negative region if the rally is sustained. The 14-day RSI of 55 shows that ZRX is no longer in the oversold region. 

At press time, ZRX is trading at $0.83750. If the bulls remain in control, ZRX could rally past the first major resistance level at $0.9149 before the end of the day.

However, the broader market is bearish at the moment, and that could impact ZRX’s performance in the short term. ZRX could slip below the first major support level at $0.7341. 

Despite the bearish trend in the market, ZRX should comfortably defend its position above the $0.6810 support level in the short term.