The BZx Protocol (BZRX) price has been falling since it hit $ 0.84 on Feb. 13. The decline was halted shortly after the BZx Protocol reached the $ 0.52 support area. The BZRX is expected to continue rising to the $ 0.915 level and possibly higher towards the nearest resistance area.

 

 

bZx Protocol approaches resistance

BZRX has been on the rise since it hit an all-time low of $ 0.088 on November 5, 2020. The price action continued until the $ 0.84 was reached on February 13th. At this point, the BZRX dropped sharply.

The drop served to validate the $ 0.52 area as support, creating a lower wick in the process.

Technical indicators are showing an upward trend, supporting the continuation of the upward movement. Additionally, the RSI has created a hidden uptrend and the Stochastic oscillator has just shown a bullish trend.

If BZRX continues to rise, the closest resistance area is at $ 0.915. The area is the 0.5 Fib retracement level and the horizontal resistance level. So, if the BZRX clears this level and the 0.618 Fib retracement level occurs at $ 1.11, it will likely accelerate to an all-time high of $ 1.74.

LEAVE A REPLY

Please enter your comment!
Please enter your name here