Looking at the chart of ZRX, we like what we see. ZRX's most recent dip was met with buyers as ZRX stayed above its 21-day moving average (green line) after its break out. Buyers eventually pushed ZRX through resistance near 0.26.
We also like that ZRX built a base on top of the 200-day moving average. The fact that ZRX is up today shows it is using the 200-DMA as a launchpad to go much higher.
We think the upside for ZRX is the point where the last leg of the significant decline started. In Elliot Wave terms, they call it a return to the "previous 4th."
Bottom Line: The "previous 4th" for ZRX is at 0.40, and we think it is going there. If Bitcoin (BTC) sits still, coins like ZRX may take the lead and start to rally.
We also like that ZRX built a base on top of the 200-day moving average. The fact that ZRX is up today shows it is using the 200-DMA as a launchpad to go much higher.
We think the upside for ZRX is the point where the last leg of the significant decline started. In Elliot Wave terms, they call it a return to the "previous 4th."
Bottom Line: The "previous 4th" for ZRX is at 0.40, and we think it is going there. If Bitcoin (BTC) sits still, coins like ZRX may take the lead and start to rally.