- Zilliqa coin appears to be in a bearish position after receiving rejection from the 0.5 Fibonacci retracement level on the daily price chart.
- ZIL crypto is approaching the 50 EMA as resistance after managing above the 100 and 200 EMA.
- ZIL/BTC pair price is trading slightly below 1.19% at 0.0000002404 satoshis.
The price of Zilliqa (ZIL) has fallen for five days, falling by 28% from the resistance level of $0.136. As a result, the coin price broke through the $0.1 psychological support level on April 26, implying that sellers may continue the decline phase, with the $0.82 mark as the next target.
Since last night, ZIL investors have been trying to prevent themselves from oversold but are seeing the crypto weak to push it above the conceptual round level of $0.10, which has turned as a short-term resistance.
In this month, Zilliqa’s coin has fallen by more than 45% so far. Thus, ZIL is trading at $0.0355 at the time of writing and is approaching the most recent bullish barrier. According to CMC the market cap is $1.2 billion with a marginal increase of 0.3% in the last 24 hours. Moreover, the ZIL/BTC pair price is trading slightly lower by 1.19% at 0.0000002404 Satoshis.
ZIL crypto is approaching the 50 EMA as resistance after managing above the 100 and 200 EMA. But on the other hand, in terms of the weekly graph, the ZIL is well above the key EMA. Furthermore, last night’s traders saw the least volatile session of the week, noting a drop of around 24% and trading volume.
ZIL shows recovery, good time to buy?
The daily RSI indicator moved towards oversold territory after sliding below the semi-line (50-mark). Apart from this, ADX indicator is trending lower but still staying at 30 mark suggests strength in Zilliqa coin.
Conclusion
Although the Zilliqa token is dominated by the bears, the bulls expect a recovery near the 100 EMA. There is a possibility of a bullish rally above the psychological level of $0.10.
Support level – $0.082 and $0.060
Resistance level – $0.10 and $0.24
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.