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- 1 The price of ZIL is trading near $0.021 with a 22.91% decrease in the 24-hour trading volume.
- 2 The ZIL price is down by 2% within the last 7 days.
Zilliqa price prediction suggests that bears are keeping a keen watch over the price action and may enter the market shortly. It is presently moving in the supply zone after making a rally. The investors are indecisive at the moment as ZIL price is consolidating in oversold level whereas the trading activity is low.
Presently, the ZIL price is trading below the crucial EMA levels, the buyers have made multiple attempts to propel the price above its major barrier level without success. It is momentarily facing resistance from the 100 EMA moving at the top of the structure. Zilliqa token will require substantial buyer support in order to make a breakout. However, the movement will be against the trend which suggests there is a low probability of a breakout.
Per the price action and technical indicators, the bears hold an edge over the bulls. The $0.02000 is acting as immediate support for ZIL crypto. If the price breaks this support level, there is a strong possibility that it may observe a decline of more than 23% within the next few weeks.
According to historical price action, the sellers have a major hold over the trend. The majority of technical factors such as support and resistance, market structure, EMAs, and oscillators are supporting the bears. Hence, the short sellers may keep a keen watch for an entry signal.
Zilliqua Price Prediction: Technical Analysis on Daily Chart
Investor sentiments regarding the overall market are taking a bearish turn. The immediate resistance point for ZIL price is near $0.024 and support is around $0.020. A breakdown of current support with an engulfing bearish candle will provide an adequate entry point for sellers though they may wait for a confluence of multiple indicators and a possible retest before taking action.
The relative strength index (RSI) line is moving near the median line on the day-chart. The current RSI value of the ZIL token is 50.11 points. The RSI line is presently taking resistance from the 14 SMA levels at around 51.04 points.
The stochastic RSI is moving towards the median line. The present value of the stochastic RSI is 35.60 points, it may soon reach the neutral zone.
Conclusion
According to the analysis, the ZIL token is consolidating in the supply zone on a day chart. If the bears take control of the price action, Zilliqa crypto may see a 23% correction. The opinions of investors concerning the overall market are bearish which can affect the value of Zilliqa.
Technical Levels:
Support – $0.020 and $0.014
Resistance – $0.024
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
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.
