Ox (ZRX), Band Protocol, and Fantom Price Analysis – Mar 30, 2021
Prices of ZRX, FTM, and BAND remain in consolidation. However, there is room for more upsides, rewinding losses of H2 February in a buy trend continuation pattern.
Ox Protocol (ZRX)
The Ox Protocol is back to trend, adding six percent by Mar 29 close. Trading at $1.64, the token is back to bullish ways but is still not out of the woods yet.
From ZRX/USD price action in the daily chart, the path of least resistance remains northwards, but bulls are struggling to shake off determined sellers.
Notably, by Mar 29 close, the ZRX price was steering higher, encouragingly building on the double bar bullish reversal pattern of Mar 24 and 25.
However, one weakness of this attempt is the lack of drive due to low participation levels. The ZRX/USD price, despite the optimism, is fragile at spot levels.
Driving volumes are down but within average, as gauged by the last few trading days’ price action.
Amid doubts of whether the uptrend is firm, a break out above the $1.6-$1.8 zone may signal buyers’ presence.
In this case, therefore, the odds of ZRX flying towards $2.1 and registering new highs in sync with the bullish ZRX price predictions for 2021 would come to pass.
On the lower end, a contraction below the $1.1 and $1.2 support zone could trigger ZRX/USD bears aiming at $0.95—2020 highs flashing with the 61.8 percent Fibonacci retracement level.
If sellers press lower, ZRX prices may crater to $0.60.
After losing over 60 percent of Q1 2021 gains, the Fantom price is steady. On the last day of trading, the FTM price is up seven percent against the greenback but trails both BTC and ETH.
Despite Fantom bulls’ attempt to claw back gains, candlestick arrangements favor sellers—at least in the short term.
Trading at $0.41, bulls appear pumped, closing above the 20-day moving average for the first time in over two weeks in confirmation of gains from Mar 26.
Although the FTM/USD price is under pressure, the sharp reversal from the 61.8 percent Fibonacci retracement zone from Q1 2021 trade range is a net positive for FTM bulls.
Trading inside a bull flag, gains above $0.50, the psychological resistance, may see prices recover back to Feb 2021 highs in line with analysts’ FTM Price Predictions. However, the immediate resistance zone is between $0.50 and $0.55, marked by the 38.2 and 50 percent Fibonacci retracement levels.
These two levels are strong levels of liquidations. If FTM buyers overcome these zones, the FTM/USD price could race to $0.65 and even $0.65 in the medium term in sync with Q1 2021 gains.
On the more pessimistic side, losses below $0.30 may unwind gains of Feb 2021. In that case, FTM/USD may drop to $0.20.
After racing 51X year-to-date, the Band Protocol price slowed down and retraced. However, BAND bulls are picking up, adding seven percent by Mar 29 close.
Trading at $14, BAND/USD is paring losses versus the BTC and ETH, most notably retesting critical resistance level of $15.
BAND bulls may take a wait-and-see approach in the current consolidation until after there is a clear breakdown above $15 or below $11 in a trend definition.
Technically, BAND bulls are in charge, aligning with bulls of the last few months.
A high volume breakout above $15 would thrust prices back in sync with optimistic bulls reading from the Band Protocol price forecasts. In that case, BAND/USD could race back to $20—or higher in a buy-trend continuation pattern.
A breach of $11 to the down-side, coinciding with the 61.8 percent Fibonacci level, could heap pressure on BAND buyers. Therefore, in a subsequent exhausting BAND may crater to $7.5—the 78.6 percent Fibonacci level.
In light of this, risk-averse traders can wait for a trend-defining move above or below the $4 range.
Chart courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
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