Ox(ZRX) has since its launch in August 2017 been regarded as a unique project by many cryptocurrency experts and enthusiasts. Within a year of operation, Ox has not only become a top 50 coin, it is currently ranked 27th on CoinMarketCap. The platform was designed to be a go-to platform for the exchange of the growing number of Ethereum-based tokens as well as currencies, gaming items and other related digital assets.
Anyone around the world has the ability to run a decentralized exchange on Ox platform using Ethereum smart contracts. The team says that the rapidly growing number of Ethereum-based digital assets will in future need a decentralized exchange platform that is secure and trustworthy. Ox protocol is built as a hybrid platform using the best features of both the centralized and the decentralized exchanges. According to Blockonomi:
“The 0x Project is closer to a decentralized cryptocurrency exchange than a centralized one but even then, it has notable differences. 0x addresses the main issues with decentralized exchanges: they are expensive, slow, illiquid, and can’t be operated with each other.”
Ox (ZRX) price analysis
The entire crypto currency market is slightly bullish. Across the board digital assets are making small recovery movements following the consolidation experienced last week. Ox price, for instance, was stuck in a range below $0.66 which is slightly below the 23.6% Fib retracement level with the last swing high of $0.79 and a swing low of $0.63.
However, Ox buyers increased their grip on the market as ZRX/USD sprung up from the moving average support. The crypto formed a bullish channel attacking other levels above $0.7. Ox even traded above $0.76 but the trend lost momentum short of $0.78 towards the end of the trading session yesterday.
At press time, Ox is trading at $0.749 with a 12% rise in the last 24 hours. There have been lower corrections from the high traded yesterday but the downside has been protected around $0.72. Moreover, the lower bullish trendline is offering support too. Ox trend is bullish, although sellers are currently battling for entry positions. The 50 SMA is above the longer term 100 SMA while the stochastic on the 1-hour chart is in an upwards slopping direction.
Hurdles are present to the upside with $0.76 capping the movement while $0.78 is the critical resistance. Looking at the chart, Ox price must keep the trendline support to avoid retracement to the short-term support at $0.72. On the upside, trading above $0.76 will allow the formation of a trajectory past the critical $0.78 and eventually hit $1.0.
General market overview
The rest of the crypto market is recovering slowly but steadily. Bitcoin (BTC), for example, is seeking balance above $6,580 while the upside is capped at $6,600. Ethereum (ETH) is trading at $225 after defending the support at $220. Ripple (XRP) unfortunately broke the support at $0.5 and is now seeking support at $0.48. On the other hand, Bitcoin Cash (BCH) is recording higher levels above $520 after protecting the support at $510.
The total market capitalization stands at $218 billion compared to September low of $198 billion. Bitcoin (BTC) dominance in the market is currently 52.2%. This level is lower than September’s 57.1% which means that altcoins are gaining traction amid the general market recovery.