0x Is Down By 10% Today: More Losses On The Way?

The price of ZRX or 0x is down by 10% today with more potential losses ahead of us as the crypto market fights off the coronavirus crisis. The current price of 0x (ZRX) at the time of writing is $0.1567 and is down by now less than 10% from the day before.

However, the past 24 hours marked a reversal in price from the day prior. What we should also note is that the ZRX price is in a downtrend and is now 34.48% below its 20 day moving average. So, staying above this level in the coming altcoin news may be critical in order to sustain the short-term momentum.

Another data point that could be worthy of observation is that the price of 0x is down but has increased in 13 of the previous 30 days. In terms of volume, the price move yesterday occurred on volume which was 64.3% less than the seven day average volume.

When it comes to the trading range, 0x is down but the Bollinger Band indicator shows that a range based on momentum and volatility over the past two weeks puts ZRX between $0.1503 and $0.3181. As we are closer to the bottom of that range, rangebound traders may wish to consider exploring buying opportunities. The market capitalization of 0x or the amount of US dollars it would take to buy up all the circulating coins is currently estimated to $96 million.

In terms of wealth concentration, the fact that 0x is down shows a lot of things. The richest 1,000 wallets of zRX own 142.71% of the coin’s total money supply. The ownership exceeding 100% is due to the fact that the supply metric we use is focused just on available supply and some large owners of 0x have ownership they cannot sell at this time – but may be able to do that in the future.

Lastly, the growth rates suggest that the share of the total supply in the richest wallets has grown by 0.13% over the past week. Currently, 0x is down and is still fighting crucial support at $0.16, similar to the XRP news today where we can see XRP pressuring to go above $0.16 and initiate a new bull run.