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- The ZIL price is currently trading at $0.027 while seeing a change of 35% in 24-hour trading volume.
- The ZIL price has been observing an increase of 3.21% in the last 24 hours.
The Zilliqa price is at present facing critical rejection from 200 and 100 EMA on the daily timeframe. Since the past 5 months, the price of ZIL has been making several attempts to break its barrier above the major key EMA levels. However, it has not been able to succeed in its attempts.
After taking rejection from the price of $0.03500 the ZIL token has taken a downturn of 22% within the last two weeks. The price is estimated to take a further fall of 6 – 7% before making a rebound from the trendline. If the ZIL price succeeds in making a rebound it may break its previous bear trend in favor of the bull trend. Investors may prefer to wait for a successful reversal from the trendline before making a decision.
ZIL price trading within a descending channel
The Zilliqa price after taking support in early January started trading in the bulls’ favor. The price took a resistance from the $0.2800 level it started trading within an ascending channel for 3 months. Near the end of February, Zilliqa’s price took rejection around $0.3500 making a severe downturn of 40%. Presently, it is making another bearish correction after giving a death cross from major key EMA levels.
Technical Analysis
The RSI line is taking a bearish reversal from the overbought near 70.00 points it has recently crossed below the median line and 14 SMA. The current value of the RSI line is 40.69 points and it is taking resistance from 14 SMA around 50.95 points. The RSI line may continue moving on a bearish trend in the near future.
At present, the support level for the ZIL price is around $0.2600 whereas the recent resistance point for the price of ZIL is near $0.3000 and its major resistance is at $$0.4000
The stochastic RSI is presently consolidating near extreme oversold levels near 0.00 points. The %K and %D lines are yet to give a crossover from the oversold zone. The Stochastic oscillator is indicating that it can take a bullish reversal in the near future.
Conclusion
According to the analysis, The price major trend of ZIL is currently bullish though a bearish correction before the continuation of this trend is in order. It can make a short bearish downturn of 6%.
Technical levels –
Support – $0.02600
Resistance – $0.3000 and $0.4000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
