0x Price Up By 18% – Time To Buy ZRX?

Decentralized exchanges (DEX) have become increasingly prevalent among crypto traders. Among the long list of popular decentralized protocols is 0x (ZRX). The ZRX token has rallied substantially. Is it time to buy ZRX?

ZRX has grown exponentially in the last couple of months. This article will explore what 0x is all about and if you should buy ZRX now.

0x: Protocol Powering DEX Platforms

Centralized cryptocurrency exchanges are one of the most popular means investors can buy and sell crypto assets. This has been due to the similarity they share with most traditional exchanges with the order book.

0x is planning to rewrite the narrative. Launched in 2017, 0x is an infrastructure protocol that allows users to trade Ethereum-compatible tokens and other assets without using centralized exchanges.

Per its website, it powers decentralized exchange by allowing trustless transfer of value on Ethereum. Aside from fungible tokens like the ERC-20 tokens, 0x also powers non-fungible tokens (NFTs) like the ERC-723 token set.

0x does this through open-source, publicly auditable smart contracts that ensure flexible, low-friction trading protocol developers can easily integrate into their projects.

0x’s native token ZRX plays several roles in the 0x ecosystem. It serves as the platform’s trading fees and a governance token through which holders can vote on changes to the platform.

ZRX is also used to earn passive rewards from market makers without losing their voting capacity.

67% of all retail investor accounts lose money when trading CFDs with this provider.

ZRX: The Bulls Are Here To Graze

ZRX is currently 86th on the global crypto rank with over $728 million in market valuation. However, this is likely to change as ZRX’s 24-hour trading volume is up 87.39%.

With a current price peg of $0.8882, ZRX is up 18.27% on the daily trading chart. This significant rally has seen investors want to buy ZRX, even as large-cap assets like Bitcoin have seen small price gains.

However, the road has not been all rosy for the ZRX token. The fungible token rose to $2.50 in Jan. 2018 before market correction saw it dip to $0.3174 at the beginning of 2019.

It could not rally above the $1 mark and traded most of 2020 at the resistance zone of $0.7232.

But it was able to break above the resistance zone in April this year when 1 ZRX token exchanged for $2.1575 on April 14. The ZRX token slumped a few days later to an April low of $1.3368 before rallying again before the crypto market crash. However, it has not crossed the $2 mark for some time now due to the continued downtrend of the crypto market.

This rebound by ZRX is a clear signal that the digital token is primed for a rally.

ZRX Technical And Fundamental Analysis

ZRX rally has played a significant role in building market confidence around the project.

On the trading chart, the digital asset is trading above the 20-day moving average (MA) support at $0.6212, indicating a bullish trend. Its relative strength index (RSI) is currently at 54.73, signaling it is trading above the oversold margin.

Market analysts are also rooting for the DeFi protocol to surge. According to Digitalcoin, 1 ZRX will trade for $1.3 at the close of the year. It puts a seven-year forecast at $3.65.

Wallet Investor predicts that ZRX will trade at $1.465 and will go for $4.448 in the next five years.

The 0x protocol has also caught the eye of institutional investors recently. Top digital assets firm Grayscale plans to add 0x and twelve other crypto projects into its investment products.

It also completed a key strategic partnership with a layer-two scaling solution for the Ethereum network Polygon. This was done to bring in more users into the 0x platform from the Polygon network.

0x increased its previous $7 million investment to $10.5 million by contributing $3 million more in ZRX tokens to the #DeFiForAll Fund.

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