Looking at the 0XCoin VS Ethereum (ZRX/ETH), there is an evident downtrend currently taking place.
The pair is moving within the descending channel and today rejected the middle line of the channel as well as 61.8% Fibonacci retracement level.
The downtrend is obvious, but is it 0X Coin moving down sharply? Well, perhaps it is the strength of the ETH that is pushing this pair down. The ETH/USD has a lot of upside potential and ZRX/ETH pair could be used to confirm the potential upside targets. Here is previously published trade idea on the ETH/USD.
It is always good to cross check your Coin with multiple cryptocurrency pairs for additional confirmation. In this case, ZRX/ETH downtrend could be just another confirmation for ETH/USD going up.