ZRX, the native digital token of the 0x network, has risen by more than 30% so far this month as technical trading patterns resulted in buy signals for the cryptocurrency.
The chart below reveals that as the price edged further above its 20-day average (green line), the stronger the buy signal became, creating further bullish momentum.
Analysts at LowCapCrypto said:
0x’s bullish momentum, based on its distance from its 20 day moving average, is roughly middle-of-the-pack relative to the cryptos we’re tracking.
Co-founders Will Warren and Amir Bandeali described 0x as the "Craiglist for cryptocurrencies" given that it was designed as a decentralized open source network enabling developers to tokenize assets for free on the Ethereum blockchain.
On Thursday, ZRX hit a month high of $0.2105 against the dollar, up 36.6% since hitting its cyclical low of $0.1541 on August 29. ZRX hit its record high of $2.43 in January 2018.
Featured image via Pixabay.com.