• ZRX is bearish in the short-term with the ZRX / USD pair posting fresh all-time lows
• ZRX / USD has recently fallen below the neckline of a head and shoulders pattern and looks set to extend its recent losses
• Medium-term picture is also bearish with price trapped inside a large falling wedge pattern

ZRX / USD Short-term price analysis

In the short-term, ZRX is bearish and looks set to extend its recent losses. The ZRX / USD pair is posting record all-time lows, while also trading beneath the neckline of a large head and shoulders pattern.

Buyers have twice failed to bring price back above the neckline of the bearish head and shoulders pattern, further highlighting the potential for short-term weakness in the ZRX / USD pair.

Technical indicators also show that the next down move is ready to commence, with both the Stochastic and MACD indicators on the four-hour time frame primed for a move lower.

Pattern Watch

The bearish head and shoulders pattern is the overwhelming theme on the four-hour time frame chart, a failed inverted head and shoulders pattern can also be seen.

ZRX / USD H4 Chart                                                                         (Source: TradingView)

MACD Indicator

The MACD indicator has corrected higher, and is starting to trend lower, in line with the recent down move. It is also worth noting that selling activity may pick up once the signal line crosses over and the MACD histogram moves below the zero line.

Stochastic

The Stochastic indicator on the four-hour time frame has corrected higher and is starting to turn, the indicator also shows plenty of scope to trade lower.

ZRX / USD Medium-term price analysis

ZRX is bearish in the medium-term, with the daily time frame chart showing price trapped inside a large falling wedge pattern.

After recently failing to break above the well-defined wedge pattern, sellers are now starting to take control of price-action, sending the ZRX / USD pair to a fresh all-time trading low.

In line with the prevailing theme of overall weakness, ZRX is likely to fall towards the bottom of the falling wedge pattern in the medium-term.

Falling wedge patterns are statistically bullish, so the ZRX / USD pair should be closely watched for any bullish signals if a top-side breakout were to occur.

ZRX / USD Daily Chart                                                                         (Source: TradingView)

Pattern Watch

Aside from the falling wedge pattern on the daily time frame, the November 2018 decline seen in the ZRX / USD pair has triggered a series of bearish head and shoulders patterns.

RSI + MACD Indicators

The RSI indicator is turning bearish and shows the emergence of a failed inverted head and shoulders pattern. The MACD indicator is also starting to turn lower, although the MACD signal line is currently neutral and awaiting a definitive breakout in the ZRX / USD pair.

Conclusion

ZRX is overwhelmingly one of the most bearish cryptocurrencies among the top 30. In the short-term, another decline appears imminent. In the medium-term the huge falling wedge-pattern is dominating the trading action, range-bound trading action will likely occur if the ZRX / USD pair survives a test of trendline support, as seen on the daily time frame.