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ZILLIQA Price Analysis: ZLC Price Entering the Sideways Channel. Calling Bulls for a Breakout,

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  • The ZIL price after a long downtrend is now in a sideway channel, indicating the battle between the two gangs.
  • The crypto asset is moving below the 20, 50, 100 and 200 daily moving average.
  • The ZLC/BTC pair is at 0.000001596 BTC with a loss of 1.78% in it.

Zilliqa is a public, permissionless blockchain that is designed to offer high throughput with the ability to complete thousands of transactions per second. It seeks to solve the issue of blockchain scalability and speed by employing sharding as a second-layer scaling solution. Zilliqa claims to be the world’s first public blockchain to rely entirely on a sharded network.

The ZIL price after a long downtrend is now in a sideway channel of resistance and support $0.062 and $0.043 respectively. The bulls can’t stop themselves from entering the market after watching the continuous downfall of the coin. This sideways trend shows the battle between the bulls and bear gang. The bulls need to gather more support to break this trend and make the price climb again. The price fell from an all time high of $0.23 and now the bears added a zero in it. 

The price for one ZLC coin is trading at $0.047 with a loss of 3.39% in its market capitalization in the last 24 hrs. The coin has volume of 75 million which is at a loss of 27.31% in the 24 hrs trading session and a market cap of 617 million. The volume market cap ratio is 0.1215.

Short-term analysis for ZLC

The ZLC price is not giving any strong movement but is facing an overall downtrend over the short-term (4 hrs) graph. Analysts believe that if this situation continues for some time the price will definitely witness a breakdown and it will be difficult for the bulls to manage the situation then.

In support of this argument, the MACD indicator indicates a bearish movement as the MACD line made a negative cross over the MACD signal line with the histogram going red. The gap between the two lines is increasing.

The relative strength index also took a ride over the bus of downward movement indicating the increase in selling pressure. This increase in selling decreases the demand and so the price. The RSI value is currently below 40.

Conclusion 

The ZIL price after a long downtrend is now in a sideway channel of resistance and support $0.062 and $0.043 respectively. The bulls need to gather more support to break this trend and make the price climb again. The ZLC price is facing an overall downtrend over the hourly graph. The technical indicators are in support for a bearish rally.

Technical levels

Resistance levels:

Support levels:

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.

ALSO READ: The Crashing Of Bitcoin Reveals A New Face Of The Currency

Nancy J. Allen

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