Cryptocurrency prices have done well in the past few days after experiencing a sharp decline on Monday. The ZRX price has done remarkably well, becoming the best-performing coin. Ox has risen by over 50% and is currently trading at $1.06, which is the highest it has been since December last year. Its market cap has jumped to over $983 million, making it the 101 biggest coin in the world.
The ZRX price went vertical after Ox partnered with Coinbase, the second-biggest cryptocurrency company in the world. Ox has now become the blockchain provider for Coinbase non-fungible token (NFT) marketplace. As a result, its coin price is rising as investors believe that this is a validation of the network. In a statement, the founder of Ox Labs said:
“We look forward to seeing many more apps and marketplaces take advantage of 0x Protocol’s robust NFT swap feature set and industry-leading gas efficiency in the coming future.” So, will the Ox price continue its bullish trend? Historically, such parabolic moves end up with a sharp decline as profit-taking ensues. For example, the Loopring price rose sharply after its partnership with GameStop.
Since then, it has been in a narrow range and is below where it rose after the deal. In addition to profit-taking, the market activity of the new platform tends to underperform. While Coinbase has a strong presence in the blockchain industry, it faces an uphill battle in its NFT ambitions. The most important challenge is competition. The industry has competition from leading platforms like OpenSea, Raible, LooksRare, and even Binance.
ZRX price prediction
On the daily chart, we see that the Ox price was in a slow upward trend before the Coinbase partnership. The coin rose to a multi-month high and it remains above the 25-day and 50-day moving averages. It also rose above the important resistance level at $0.9572, which was the highest level on 3rd April. The MACD has moved above the neutral level.
Therefore, I suspect that the ZRX price will hold steady on Thursday as the momentum rises. In the medium-term, the coin will likely resume the downward trend as investors start taking a profit. Here is our long-term Ox price prediction.
