ZRXUSD About to break its Bear Cycle. Potential target $6.00

0x (ZRXUSD) made an impressive price jump yesterday after making contact and rebounding on the 1D MA50 (blue trend-line). This chart is on the 1D time-frame but the RSI below is on the 1W while also the 1W MA50 (red trend-line) is displayed.

As show, the Bear Cycle since the April 10 2021 High has been dictated by a Lower Highs trend-line. Right now the price is close to making contact with that level for the first time since October 31 2021. This is a similar pattern with that of April 2019 - February 2020. Excluding the Black Swan event of the COVID market crash in March 2020, when the price broke above the Lower Highs, the market gave a confirmed signal of a new rally.

Notice how the third Bullish Cross between the 1D MA50 and the 1W MA50 gave a confirmed signal. On the current Cycle, if those two cross again, it will also be the third time. Technically the last confirmation will come when ZRX breaks above the Resistance Zone, which is made of the last Lower High. A rally towards the 2.0 Fibonacci extension would be the technical target.



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