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- 1 Zilliqa price is currently trading at $0.02411 while seeing a decrease of -0.62% at the time of writing.
- 2 Zil price trades below 20,50,100 and 200-day EMAs.
- 3 ZIL/BTC is trading at 0.0000009 with no signs of increase or decrease.
Zil price has been in a downtrend after escaping the upward channel and recently formed support at $0.0233. The bullish trend for Zilliqa price began at the start of 2023 from the low of $0.01570. The uptrend caused a rise of approximately 135.61% and price created a high of $0.3696.
The move was corrected by the bears and the price plunged to $0.02330 level. Zil price then entered into an upward channel forming higher highs and higher lows. The move was initiated to again retest the yearly highs but was halted by the sellers which pushed price downwards breaking the channel. Recent support has formed at $0.02330 level.
Current price action shows that if Zil price is able to rise above $0.025 level, traders can expect price to reach $0.027 level. Although, the current bullish move can be seen as a pullback for the price to continue moving further down to $0.022 major support level.
Zilliqa And Ethereum Virtual Machine Integration
EVM is a runtime environment for ethereum blockchain that allows execution of smart contracts. Integration with EVM marks a major step as it improves scalability, interoperability, and developer acceptance.
Zilliqa and Ethereum networks are integrated with the help of “ethereum bridges”, which provides a safe channel for data to flow between two channels.
Zilliqa strength is that it cuts transaction cost, so developers can take advantage of faster,cheaper transaction without having to rewrite their Ethereum contracts. Zilliqa and ethereum will benefit greatly from the introduction of EVM to their respective mainnet.
Will Recent Support Of $0.0233 Hold The Zil Price?
Chaikin money flow score is 0.18 indicating increasing strength in the market. CMF shows that there is a chance of reversal as price is slowly gaining bullish strength and might push the immediate resistance of $0.025 level.
Although, Zil price still trades below all the major EMAs indicating high bearish momentum in the price. The cryptocurrency price might consolidate in the current region before deciding the direction.
Relative strength index trades at 39.01 began to rise after touching 30 mark indicating a short term pullback. The price reached the lower band of bollinger and started to rise toward the 20-day SMA but received rejection from $0.025 level.
The longs/shorts ratio is 0.94 with 48.5% longs and 51.5% shorts indicating increased bearish sentiment in the market in the last 24 hours.
Conclusion
The overall trend for Zilliq price is bearish and there is a higher probability that price might shatter the recent support and head toward the $0.022 level.
Technical levels
Major support: $0.0233 and $0.022
Major resistance: $0.027 and $0.025
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
