The Ox crypto price held steady on Wednesday even as other cryptocurrency prices declined sharply. The ZRX price is trading at $0.8200, which is about 12% above the lowest level on Tuesday. The coin’s total market cap has risen to about $708 million.
Ox Labs raises funds
Ox is a small and fast-growing blockchain project that provides liquidity across multiple blockchains like Uniswap and Polygon.
Last week, the Ox price jumped sharply after the company inked a deal with Coinbase, one of the biggest companies in the blockchain industry. Coinbase is using Ox technology to run its non-fungible token (NFT) marketplace.
The ecosystem’s growth received a major boost this week when it raised $70 million from a team of venture capital companies like Greylock, Pantera, Coinbase, and Sound Ventures among others.
In a statement, the company said that it will use the new funding to expand the team of developers. Its goal is to expand the number of chains from the current 7 to more others. The supported ones include Ethereum, Polygon, Fantom, and Avalanche. In a statement, Ox Lab CEO said:
“Many of the top crypto companies already use and trust 0x, and we’re ready to take the next big step in our mission by onboarding the next 100x wave of users, businesses, and institutions to Web3.”
While the Ox price has done well in the past few weeks, the overall cryptocurrency industry remains under pressure as worries about the Federal Reserve remains. As a result, Bitcoin has dropped to $39,000 while Ethereum is comfortably below $3,000.
Therefore, there is a likelihood that its price will also retreat as the funding enthusiasm wanes. Historically, we have seen coins slump after the initial funding pump. For example, Near Protocol has declined sharply after it raised $350 million recently.
Ox price prediction
The daily chart shows that the ZRX price has been in a strong bullish trend in the past few days as its ecosystem growth continues. It rose to a high of $1.1729, which was the highest point since December last year,
The coin has moved above the 25-day and 50-day moving averages while the Stochastic oscillator has moved close to the oversold level. Therefore, the Ox price will likely continue falling, with the next key support being at $0.6568.