ZRX, CELO, RUNE: Technical Analysis For March 31
2 min read0x (ZRX) is attempting to break out above a long-term resistance level at $2.
CELO (CELO) has been increasing since reclaiming the $3.60 support area.
THORChain (RUNE) reached a new all-time high price on March 31.
0x (ZRX)
ZRX has been decreasing since Feb. 12, when it reached a high of $2.036. After dropping for two weeks, ZRX bounced at the $1.13 level and is currently making another breakout attempt.
Technical indicators in the daily time-frame are bullish.
The MACD has nearly crossed into positive territory, and the RSI is crossing above 70. Furthermore, the Stochastic oscillator has made a bullish cross.
If ZRX breaks out, the next resistance area would be found at $2.50.
The weekly chart also supports the possibility of a breakout. The main resistance area is $2, and ZRX has never reached a weekly close above it.
While there is a potential bearish divergence in the RSI, it is still unconfirmed. Also, both the MACD & Stochastic oscillator are moving upwards.
Therefore, ZRX is expected to break out.
Highlights
- ZRX is trading below long-term resistance at $2.
- Weekly and daily technical indicators are bullish.
Celo (CELO)
On March 24, CELO deviated below the $3.70 support area. However, it reclaims the $3.60 support area shortly afterward and has been moving upwards since.
Technical indicators are bullish. Therefore, it is likely that the CELO trend is bullish.
The short-term chart shows a breakout from a descending resistance line.
Therefore, CELO is expected to increase towards the all-time high resistance area of $5.80.
Highlights
- CELO has reclaimed the $3.60 support area.
- It has broken out from a descending resistance line.
THORChain (RUNE)
On March 11, RUNE reached a high of $6.77 and fell immediately afterward.
However, it reversed the trend on March 25 and reached a new all-time high price five days later.
Technical indicators are bullish, as evidenced by the positive MACD and the RSI cross above 70.
Currently, RUNE is trading at the $8.25 resistance area, which is the 1.61 external Fib retracement of the most recent drop.
The next resistance area is found at $10.63, the 2.61 external Fib of the same drop.
Highlights
- RUNE is trading close to resistance at $8.25.
- The next resistance area is found at $10.63.
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