0x (ZRX) and Fantom (FTM) Technical Analysis: What to Expect?
Table of contents
0x (ZRX)
The Ethereum protocol is among the first to have its governance token, ZRX, listed at Coinbase. This platform supports the trading of fungible and non-fungible tokens.
Past Performance of ZRX
The middle BB maintains a negative gradient indicating the presence of marauding bears, on the prowl, ready to maul.
Notably, the banding of bear bars along the lower BB suggests overall weakness and a strong downtrend.
In the days ahead, the short-to-medium term trend depends on the reaction at $0.50.
Thus far, buyers have the upper hand, thrusting ZRX up six percent versus the USD on the last trading day.
Day-Ahead and What to Expect
There are hints of rejection of lower prices, a welcomed reprieve for overwhelmed bulls.
Still, there must be a follow-through in the days ahead, ideally comprehensively reversing from June 2021 lows at $0.50.
It will build a case for buyers in the last leg of a W-formation.
ZRX/USDT Technical Analysis
ZRX sellers have been unrelenting.
At the time of press, bulls have support at $0.50 as aforementioned.
Nonetheless, risk-averse traders may sit on the sidelines, waiting for confirmation before committing. Notably, a close below the $0.50 mark may see ZRX/USDT tank to $0.30—H1 2021 lows.
On the flip side, a ZRX price surge above $0.70 may build demand for $0.90 and $1.
Fantom (FTM)
Fantom, the Ethereum and Binance Smart Chain (BSC)-based platform, uses DAG consensus, offering DeFi services to developers. FTM is the protocol's primary token.
Past Performance of FTM
It's pretty dicey to be an FTM holder at spot rates, talking from a trader's perspective.
Specifically, FTM is hanging and likely to close below a critical support line of the bull flag at around $0.15.
Presently, FTM is up 10 percent and bouncing back to within late June and early July 2021 price range.
Day-Ahead and What to Expect
The breakout below the bull flag would heap more selling pressure on FTM bulls.
Presently, FTM/USDT prices are trending inside a wedge.
However, there is heightened volatility at the triangle's apex, of which $0.15 is a strong support level.
FTM/USDT Technical Analysis
FTM bulls stand a chance only if $0.15 and the 5-month support line hold as it is now.
The rejuvenation of FTM/USDT prices above $0.25 and middle BB may draw demand, eventually lifting bulls back to $0.40.
If not, FTM/USDT could be on the cusp of crashing towards Q3 2020 highs of $0.05.