0x Protocol price up 108% as whales drive ZRX to 17-month high

0x Protocol price is one of the biggest gainers in the past week, with this nearly forgotten altcoin making a comeback amid the latest crypto sentiment.

Although bulls remain more than 78% off the all-time high of $2.50 reached on January 13, 2018 – almost 6 years ago – the gains seen in the past few days suggest the new bull market could hold up nicely for ZRX/USD.

The price of ZRX is up 108% in the past week and 198% higher since plummeting alongside major cryptocurrencies in November 2022.

ZRX price outlook – why is 0x Protocol surging?

ZRX traded at around $0.26 on November 9, an area the native governance token of the decentralised exchange infrastructure 0x Protocol hovered since breaking lower in May. On Saturday, the token broke past a multi-month supply wall to hit a 17-month high of $0.62 on Monday, November 13.

According to network activity data shared by crypto analytics platform Santiment, 0x Protocol’s price surge came as whale activity soared.

In details shared before ZRX shot to its highest level since May 2022, Santiment said the cryptocurrency’s whale transactions had spiked to “1.5 year high.” It also noted that older ZRX coins were being moved back into circulation.

Indeed 0x recorded 23 transactions valued at more than $100,000 each, the highest number of such transactions since April 2022. The average age of ZRX investments was also dropping, with this indicative of older wallets moving as coins begin to circulate.

📈 Those who patiently held on to their #0x have been rewarded, with its market cap ballooning +238% in 2 months, and nearly doubling (+89%) in just 2 days. $ZRX whale transactions are at a 1.5 year high, and older coins are moving back into circulation. https://t.co/rlGEIKhX7v pic.twitter.com/1QQl87CeLS

— Santiment (@santimentfeed) November 12, 2023

ZRX price – what next?

While a surge such as the one 0x has seen in the past few days can be a signal for traders to take profits, it’s likely the increased bullish outlook from whales might power another uptick. That’s what happened when prices pumped early Monday as more large investors took long positions.

ZRX/USD could surge to $1.30 if bulls break the resistance at $0.90, with a psychological target likely at $2.00 if markets rally into 2024. On the flipside, there may be a robust buffer zone near $0.30.

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