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Zilliqa Price Analysis: ZIL Calms Near Resistance Level, Buyers Need a 20% Gain to Rally Higher

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Zilliqa Price Analysis
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  • The Zilliqa coin is approaching the short-term resistance level of $0.50.
  • The ZIL Crypto EMA is forming above the red moving lines of the Ribbon indicator.
  • The RSI indicator is at 63-points, which suggests an uptrend for the ZIL coin.

Zilliqa coin appears to be trending down from key resistance levels in lower higher time frames like weekly. Despite this fact, the ZIL coin is looking a bit bullish in the shorter time frame. Meanwhile, as of press time, the coin is trading at the $0.04727 mark against USDT.

Price action suggests a higher-high formation above an ascending trend line (bottom of chart). Amidst the uptrend, the bulls noted a 20-day high at the $0.0495 mark. However, the bulls continued to reject near $0.050 for the past two months.

The market cap of Zilliqa coin has increased by 2.4% to $621 million according to the last 24 hours of CMC data. The bears are barely trying to keep the price of the cryptocurrency below the bullish barrier. Furthermore, the price of the ZIL coin pair belonging to the bitcoin pair is up 4.5% at 0.000001967 Satoshi.

Speculators have seen an increase in volatility over the past several days, meanwhile, with volume rising 65% to $327 million in the past 24 hours. Therefore, the Zilliqa crypto remained above the red moving lines of the EMA Ribbon indicator during the daily time frame.

ZIL Offers Selling Opportunity Near Resistance 

The Stoch RSI is looking above the upward trend line as well as the Simple RSI is suggesting a bullish trend for the Zilliqa indicator on the daily price scale. Furthermore, the ADX indicator also shows the increasing buyer attention for the crypto.

Conclusion

Zilliqa coin is looking above the bullish trend line after reversing from the 2022 lows. Despite a little more momentum, buyers struggled near the $0.50 resistance area.

Technical Levels

Support Levels: $0.030 and $0.025

Resistance Levels: $0.050 and $0.060

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.   

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