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Because of this, ZRX is up almost 10% today

 


The cryptocurrency market has underperformed over the past 24 hours and could see more losses soon.


The broader crypto market has re-entered a bearish trend despite a good start to the week. The market has lost nearly 5% of its value in the last 24 hours and currently has a total market cap of $1.77 trillion.


Bitcoin is down more than 5% so far today and is now trading at around $38 per coin. Ether has also lost more than 5% of its value in the last 24 hours and is currently trading at $2,847 per coin.


ZRX, the native token of the 0x protocol, is the best performer among the top 100 cryptocurrencies by market cap. ZRX is the only cryptocurrency, along with STEPN, trading in the green among the top 100.


ZRX has increased its value by more than 9% in the last 24 hours, making it the best performer among the top 100 cryptocurrencies.


The ongoing rally is being fueled by the news that 0x Labs has raised $70 million in a recent Series B funding round . The funding round was led by Greylock and other investors including Pantera, Sound Ventures, A.Capital, Jump Crypto, OpenSea, Coinbase, Brevan Howard, IOSG Ventures, Reid Hoffman and Jared Leto.


The XRZ/USD 4 hour chart is currently positive as 0x has been showing good performance for the last 24 hours. The technical indicators show that the coin has performed positively over the past few days.


The MACD line remains below the neutral zone, but it could soon exit negative territory if the rally continues. The 55 14-day RSI shows that ZRX is no longer in the oversold territory.


At the time of writing, ZRX is trading at $0.83750. If the bulls remain in control, ZRX could clear the first major resistance level at $0.9149 before the end of the day.


However, the broader market is currently bearish and that could impact ZRX's performance in the short-term. ZRX could slide below the first major support level at $0.7341.


Despite the downtrend in the market, ZRX should easily defend its position above the $0.6810 support level in the short-term.

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