- Zilliqa Price Prediction is turning bullish and suggests a decent recovery in coming months.
- ZIL Price climbed above the 50 day EMA and is trying to test the 200 day EMA.
- The Zilliqa crypto price recovers 57% approx from the recent swing low.
Zilliqa Price Prediction favoring the bulls and suggests a decent recovery is possible in the coming months. It has already recovered 57% approx from the recent swing low and showed initial signs of bullish trend reversal.
ZIL Price succeeded to climb above the 50 day EMA indicates the short term trend has reversed in the favor of bulls. However, the 200 day EMA is placed slightly higher which will become a hurdle for bulls.
From the mid of April, Zilliqa Price begins to decline by forming lower lows and sellers continue to show its dominance. It consolidated for a few weeks near $0.02000 and bulls tried to halt the correction.
Sadly, In the mid of June, ZIL Price slipped below the lower range which invited further decline. The downfall halted near $0.01500 which is a long term demand zone. Later, some responsive buyers came forward and pushed the prices higher to bring back the confidence of investors.
Zilliqa Price is trading at $0.02398 with an intraday rise of 3.94%. The 24 hour volume to market cap is 18.91%. The pair of ZIL/BTC is trading at 0.0000076 with an intraday rise of 2.7%.
Zilliqa Price defends the demand zone
Zilliqa Price is up by 10% in the current week and the recovery is still on. The buyers seem to be more active as compared to sellers. Till the ZIL crypto price holds above $0.02000 level the probability of continuing the recovery remains high.
Well, the price will pick up momentum when buyers are able to break out the $0.03000 hurdle. The overall market is bullish which may positively impact and increase the possibility of breakout in ZIL.
However, if the Zilliqa Price faced rejection from the hurdle level then bears may try to pull the prices down to previous lows. The technical analysis suggests ZIL crypto is in recovery mode but it is likely to consolidate for some time before continuing the recovery.
Recovery in ZIL Price looks reliable
ZIL Price rises for 3 consecutive weeks and by forming higher highs candles on a weekly time frame. The recent recovery looks reliable and more upward momentum is possible.
The MACD curve reached zero line and sloping upward. Recently, it generated a fresh positive crossover which shows that bulls are returning back to the track. The RSI at 67 pointing north denotes the strength of bulls and more room for upside is open.
Conclusion
Zilliqa Price Prediction favors the bulls and suggests significant rise is possible in the long run. ZIL crypto showed a decent recovery from the lows and turned the short term trend in upward direction.
The technical analysis says, ZIL Price defends the demand zone and recovery is likely to continue for some more time.
Technical levels
Resistance levels: $0.02500 and $0.03685
Support levels: $0.02000 and $0.01500
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.