ZRX whales provide 108% share price appreciation

The 0x-protocol has experienced a remarkable rise over the past week, making the almost forgotten altcoin is making a comeback.

Although it is still more than 78% away from its historic peak of $2.50, which occurred nearly six years ago on Jan. 13, 2018, recent gains suggest that the bullish trend for ZRX/USD could hold.

In the past few days, the price of ZRX has risen 108%, and since the downturn alongside major cryptocurrencies in November 2022, it has actually risen 198%. On Nov. 9, ZRX was trading around $0.26, a level where 0x Protocol's native governance token had been since it broke down in May. On Saturday, the token broke through long-term resistance and reached a high of $0.62 on Monday, Nov. 13, its highest in 17 months.

Whales caused the share price rise

According to data on network activity from the cryptanalysis platform Santiment, this price increase of 0x Protocol coincided with an increase in the activity of major players in the market, the so-called 'whales'. Prior to rising to its highest level since May 2022, Santiment reported that the cryptocurrency's transactions reached a "1.5-year high" and that older ZRX coins were being recirculated.

The number of ZRX transactions worth more than $100,000 reached 23, the highest number since April 2022. In addition, the average age of ZRX investments fell, indicating that older wallets were gaining momentum as coins began to circulate.

Further rise still possible

While such a sharp rise as 0x's in recent days could signal traders to take profits, there is a good chance that the increasing positive outlook from major players could encourage further gains. This became clear when the stock price rose on Monday as several major investors took long positions.

If the bulls manage to break through resistance at $0.90, ZRX/USD could rise to $1.30, with possibly a psychological target of $2.00 if markets continue to rise into 2024. On the other hand, there could be a solid support zone around $0.30.