- ZIL/USDT recovered 30% from its swing low .
- ZIL/USDT has a Year To Date performance of 29.37%.
ZILLIQA is trading at $0.0205. The price is down 4.88% in the last 24H. The 24H trading volume saw a fall of 54.06%. The Total Market Cap is $324,695,563.
ZILLIQA witnessed intense selling in the past 5 months. The Bears dominated the market which led to asset depreciation of 46%. ZIL has made a double top pattern on the daily time frame. The price broke the neckline and now it is trying a retest. If The Bulls fail to break the current resistance of $0.0216 then things can get very ugly.
ZILLIQA Price made a double top.
The Daily chart is looking like a nightmare to the Bulls. A Double Top pattern of this scale can collapse the market with a potential target of almost 65%. The Buyers must break this resistance to invalidate the pattern and initiate a bullish recovery. The recent bounce of 32% is giving hopes to the bulls but it won’t be enough.
This Bounce can be considered as a pullback if the price starts falling from here. ZIL is trading 25% below the 200 EMA which signifies the down trend. The Price managed a close above the 9 and 15 EMA which is a relief in the short-term but the overall trend remains bearish. The increased volume indicates a surge in buying activity.
The 4h Chart Shows a short term uptrend
On the 4H, ZIL has shifted into a minor uptrend that is justified by formation of a higher high. The spike in volume is conveying the increase of interest amongst buyers. The price is moving close to 200 EMA which means prices can consolidate or get a rejection after a short bullish move.
The formation of an inverse hammer on the resistance is showcasing the power of Bears in the market. This level is crucial for the recovery of the asset. The present scenario suggests that the volatility is increasing which can be a good opportunity but carries a high level of risks. Investors with less risk-appetite should stay away.
RSI: The RSI indicator is currently at 54.09 on the 4H and the RSI made bearish crossover with the MA. This indicates sideways or correction.
MACD: The MACD indicator has made a bearish crossover but the indicator is above 0.
The market will stay more biased towards the bullish side as long as the indicator is above the 0 line, but can expect some consolidation or correction.
200 EMA: As observed, on the 4hr, the price is trading close to the 200 EMA(exponential moving average) This means that the trend is unclear at the present moment. Waiting for the price to choose a direction will be wise as of now.
Technical levels
Support Levels: $0.0154 – Support 1
$0.0128 – Support 2
Current Price: $0.0205
Resistance Levels: $0.0216- Resistance 1
$0.0267 – Resistance 2
Conclusion:
ZILLIQA is amidst a strong downtrend. The breakdown of a big double top pattern makes it very scary. Price is testing the resistance and the Bulls must break this to invalidate the double top. Failure to do so can lead to catastrophic consequences. A recent bounce is adding to the hopes of the buyer as the continuation of this recovery can lead to the target of $0.03. Such volatility can be dealt with by smart planning and risk-management.
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.