- Zilliqa crypto’s price stays bearish after a failed bullish attempt in the last month
- The CMP of ZIL dropped by 3.94% since yesterday’s closing mark with a negative weekly performance of 16.7%
- ZIL’s struggle to get a local high put itself under a lot of pressure for a profitable long term
Zilliqa’s price saw no change over a month and currently rallies near its December’s lowest price mark. However, the market cap of ZIL saw a minor increment of 0.76% during the intraday session. Yet, the 24-hour trading volume underwent a reduction of 21%. The overall volume to market cap ratio stands at 0.06925. The ZIL/BTC enjoyed a stable increment of 1.65% during the intraday session, while the ZIL/ETH gained 1.5% during the same time frame.
The ZIL hourly chart shows the current trend and past failed bullish attempts. The 50, 100 and 200 EMA stays above the current market price candlesticks. The coin’s price came back to its lowest when its previous gradual bullish attempt failed, and the price fell in the form of an inverted scallop. The CMP has returned in the accumulation zoned (refer to the rectangular region). However, the sudden surge in buying volume shows a keen interest in ZIL’s dip from its investors.
Zilliqa’s price to continue to descend gradually says oscillators
The MACD line for the daily chart of ZIL has started going below the zero level after it stayed flat to indicate neutrality. The RSI graph stays neutral and points upward due to the sudden rise in demand to buy the dip. The coin’s CMP is near its annual low price mark and may replace the current mark soon, judging the current condition of ZIL.
Conclusion- ZIL may continue suffering from a long term trend during the intraday session while undergoing bearish momentum in the long run due to cancelling opposite trends. One should reconsider investing at the current stage as ZIL may dip further.
Resistance- $0.087
Support- $0.049
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