Zilliqa
Zilliqa price analysis: ZIL Token Under Bears Grip, 30% Down in a Week
- The price trend of ZIL token breaks below $0.065 support
- ZIL/BTC pair is trading negative by 15.2% at 0.00000175 BTC
- The 24-hour trading volume in Zilliqa is $76 Million
The daily technical chart of ZIL token price got rejected by the 20-EMA. According to Pivot points (FIB), ZIL’s crucial support level is $0.042. Conversely, if it rides up, the required resistance level to watch is at $0.065. Thus, while the intraday chart forms a Bearish Engulfing candlestick pattern, predicting prices may soon reverse to the downside with high dependability.
The exponential moving average (EMA) composed of 50,100,200-EMA can be a reliable support for currency price changes. Investors can observe that the price resides below the orange line, ensuring a downtrend for now, so until the price stays below the EMA-200, bears will confirm a downtrend in ZIL.
Volume of (511.652K) is above the MA of 20-days (221.838K). Selling pressure is High in Zilliqa, making its price remain in a support zone. Investors may also observe diminishing volume bars in the chart, which indicates a big move is expected in upcoming trading sessions.
The CCI indicator gave a (bearish) signal with -181, projecting a sell signal in the coin. Investors may observe a declining slope from -20 to -181. It may plunge in future trading sessions.
Zilliqa (ZIL) Token Volume Analysis Displays High Selling Pressure
ZIL token is at $0.052, with a daily loss of 15% and a weekly drop of 27.7%. In addition, the price falls from the support, but with a lack of momentum, it struggles at another support zone. The CCI indicator shows a sell signal, and the traders have guided high selling volume. Technically, the price is in a downward trend. Therefore, as with overall market sentiment, the trend remains bearish.
Resistance: $0.065
Support: $0.042
