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ZIL Price Analysis: Bearish wave sweeps Zilliqa off its feet

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•ZIL/USD is currently priced at $0.074 and has decreased by 17.23% over the past day

•The trading volumes have decreased by 35.08% over the past day

•The technical indicators suggest a hawkish outlook for the near term 

Short Term View: Thursday’s move proves to be a false dawn for ZIL Coin 

The Zilliqa price today is $0.074314 USD with a 24-hour trading volume of $1,158,035,533 USD. ZIL Coin is down 17.23% in the last 24 hours. The trading volumes have decreased over the past day, whereas the Volume to Market Cap Ratio stands at 1.22, reflecting the strong bearish bias prevailing in the market. 

The 2021 bull run escorted almost all the crypto assets towards their highs and ZIL Coin price took the most advantage of it. In complete contrast to yesterday’s price action, the bulls today tried their best to push the price upwards, but the sellers quickly came in and flipped the momentum bearish. ZIL Coin might face a hostility near the resistance zone of $0.080 in the event of bulls making a comeback. Meanwhile, amid the ongoing downside, one can see a support near $0.05845. The price is currently trailing below the 20,50 SMA on the four hour chart which act as a temporary resistance of the price. 

Long Term View for Zilliqa 

After yesterday’s move, Zilliqa price action today has been one of stark contrast. The sellers have accumulated and pushed the Relative Strength Index (RSI) towards the oversold territory (currently transacting at 40.18). This means that sellers are in the lead and are insistent on pulling ZIL Coin lower. The MACD indicator shows the strength of the bearish rally, with the MACD and signal line transacting in the negative zone on the daily chart. The red histograms further accentuates the pain of the bulls. 

Conclusion 

Currently, Zilliqa is utilizing all its resources to flip from the bearish divergence but it appears to be a tedious task. Until an increase in the interest of market participants and an increase in trading volumes is seen, one can expect the ZIL Coin to continue its downtrend. 

Support: $0.05845

Resistance: $0.080

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Steve Anderrson

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