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- The Zilliqa daily price scale passed a long-term descending trend line, but there is still little volatility in the price action of the altcoin.
- Buyers should take a short-term bullish move with a higher-high formation while ZIL price stays above the upward trend line.
- ZIL/BTC pair price is down 0.8% on 0.000001707 satoshis.
Zilliqa coin broke through a bearish trend last week after losing around 80% of its cost in just 50 days trading session. Despite this, the bullish outlook looks weak as traders have been facing fewer liquidations over the past several days.
The price behavior of ZIL coin during a minor recovery shows higher lows and higher-highs formation on the daily price chart. Meanwhile, the bulls are afraid to lose the key area that exists above the uptrend line (blue).
Last night, short-term speculators bullish on the ZIL token declined near the previous high of $0.060. If the bulls fail to accumulate ZIL price above this area soon, this area could turn into a selling pressure spot.
Thus, the Zilliqa coin was trading at $0.053 Mark at the time of publication. Meanwhile, the market cap fell below $700 million compared to last night; Hence, it is 1.1% lower as per CMC data for the last 24 hours. Moreover, the ZIL/BTC pair price is down 0.8% at 0.000001707 Satoshis.
Trading volume gradually decreases; Therefore, the effect can be in price action. Similarly, last night traders saw a fall of 38% in the last 24 hours.
Is the 20 EMA resistance?
In the context of the daily price chart, the 20-day exponential moving average was an important resistance level for buyers. Meanwhile, the 50 EMA acts like a red volatility zone.
Besides, the RSI faces trouble near the semi-line (50 mark). Above this level, Zilliqa coin may see more upside gains.
Conclusion
The 20 EMA is yet to be breached with higher trading volume as soon as possible. On the other hand, if the bulls fail to accumulate ZIL price above this area soon, this area could turn into selling pressure.
Technical Levels
Support level – $0.050 and $0.045
Resistance level – $0.060 and $0.10
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.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
