ZRX Price Prediction and Analysis in November 2019
For our ZRX price prediction, we will be looking at some of the past price trends, market forecasts, and development status of the 0x project.
0x (ZRX) Overview
The protocol was developed in 2017 by Amir Bandeali and Will Warren with the intention of providing a secure blockchain network on which decentralized apps and over-the-counter cryptocurrency trading could be executed with minimal fees.
The native coin of the 0x Project is the ERC20 based token 0x, or ZRX. This token was designed to have two main functions in the 0x ecosystem.
The first one is to enable users to pay the trading fees that are used to pay the relayers for their services. The second function of ZRX allows users to participate in the 0x protocol’s governance. ZRX owners are able to suggest improvements and upgrades, with their authority being proportional to the amount they own.
0x was launched after completing an initial coin offering (ICO) on August 15, 2017. The token sale raised $24 million worth of Ether from over 12,000 investors.
The project is supported by prominent venture capitalist firms, including Polychain Capital, Blockchain Capital, Pantera Capital, as well as Jen Advisors and FBG Capital4.
The total supply is capped at 1 billion ZRX, 50 percent of the tokens were released during the sale with 0x keeping 15 percent, as wells as 15 percent distributed to the developer fund, 10 percent allocated to the founding team, and 10 percent is directed towards advisors and early backers.
The tokens for founders, advisors, and staff members will be released during a period of four years, while those issued in the token sake were liquid immediately.
ZRX Price Prediction: Analysis
ZRX ended the month of October with a price of $ 0.273846, around the same value with which it opened the day ($0.272577).
The token debuted November at the $0.27 level, and it managed to gradually increase in value throughout the day, surpassing previous resistance levels and hitting $ 0.310242. Even though ZRX did not maintain these new gains, it closed the day at $0.3 levels.
November 2nd saw 0x trading at $0.29 levels, with prices being constant throughout most of the day, aside from one minor testing of $0.3 resistance levels. November 3rd mirrored the same movement as the day before it.
The following days until November 6th, ZRX continued testing $0.3 resistance levels and trading mostly around the $0.29 support level.
On November 7th, ZRX started the day at $0.306562 and once again climbed up to test $0.310 resistance levels, but closed at $ 0.30.
The following day 0x also began the day at $ 0.30, but in the first part of the day, it managed to get to a new high of $ 0.318733. Unfortunately, the price corrected itself towards the end of the day, plunging to $0.285, then closing at $ 0.294041.
The rest of the days up until November 14th, ZRX has been trading between $0.29-$0.30 support levels, briefly touching $0.31 resistance levels.
At the time of writing our ZRX price prediction, November 15th, the token was traded at $0.287702, with a decrease in the price of 1.38% in the past 24 hours. 0x is ranked 37th according to a market cap of $173,198,136.
The current pivot, support, and resistance levels for ZRX are:
- Resistance Level (R3): 0.322
- Resistance Level (R2): 0.313
- Resistance Level (R1): 0.3024
- Pivot Point: 0.293
- Support Level (S1): 0.283
- Support Level (S2): 0.273
- Support Level (S3): 0.263
Coinmarketcap determined that the return on investment percentage for 0x is 158.19%.
In terms of code development, 0x has over 2k repositories on GitHub, 3 million commits, with the most recent public update made a few days ago.
This shows that the coin is still active and involved in improving technical development. 0x has 51k issues reported across its public repositories. With a number of 5k watchers, the issue/watcher ratio for 0x is better than 56% of similar coins on the market.
The latest announcements made by the ZRX team was made on November 12 on their blog, revealing that the 0x v3, also known as ZEIP-56, has been approved by token holders in a voting process held a week prior.
The v3 will be implemented on Ethereum mainnet on November 25th, and this major protocol upgrade is expected to increase liquidity for the DeFi ecosystem and improve 0x developer experience.
ZRX Price Prediction: Market Opinion for November 2019
To better convey the market sentiment for 0x, we have decided to include in our ZRX price prediction, several other forecasts made by various crypto sites.
Cryptoground predicts that in one week, the price of ZRX will be at around $0.1916, with a decline of 33.26%.
Bitgur estimates that in one week, the price for the token will reach $0.30120003 if the current bullish trend continues, with $0.31590003 as the maximum value, and $0.28620002 as the minimum price. Should the prices decrease, the coin will go back to support level $0.28620002.
Digitalcoinprice forecasts that ZRX will have in November a price of $0.38601559, with an increase of 33.93 %.
Bitverzo made predictions for 0x for every day of November, along with its average, highest, and lowest values for each respective day:
- November 16, 2019: Average $0.138381, Min $-0.301864, Max $0.616500;
- November 17, 2019: Average $0.127574, Min $-0.317977, Max $0.578277;
- November 18, 2019: Average $0.117351, Min $-0.338998, Max $0.569369;
- November 19, 2019: Average $0.121351, Min $-0.330119, Max $0.602155;
- November 20, 2019: Average $0.119740, Min $-0.344659, Max $0.584556;
- November 21, 2019: Average $0.118228, Min $-0.298454, Max $0.593711;
- November 22, 2019: Average $0.119295, Min $-0.352332, Max $0.569875;
- November 23, 2019: Average $0.134480, Min $-0.319846, Max $0.580857;
- November 24, 2019: Average $0.123689, Min $-0.337711, Max $0.561350;
- November 25, 2019: Average $0.113484, Min $-0.346242, Max $0.580715;
- November 26, 2019: Average $0.117501, Min $-0.342286, Max $0.584351;
- November 27, 2019: Average $0.115906, Min $-0.361232, Max $0.580547;
- November 28, 2019: Average $0.114410, Min $-0.350922, Max $0.621541;
- November 29, 2019: Average $0.115494, Min $-0.306850, Max $0.601484;
- November 30, 2019: Average $0.130695, Min $-0.312088, Max $0.560688.
WalletInvestor’s ZRX price prediction in the next two weeks sees the token between a maximum value of 0.311 USD and a minimum value of 0.266 USD.
Gov.capital predicted that ZRX will end November at a price of $0.298, with a maximum value of $0.3, and a minimum value of $0. 295.
ZRX Price Prediction: Verdict
With this, we conclude our ZRX price prediction for November 2019. From the data we gathered and analyzed, we can observe that 0x is a promising token to invest in, which will most likely see more gains as the month draws in.
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