Zilliqa price analysis: ZIL Token Under Bears Grip, 30% Down in a Week

Source: ZIL/USD on TradingView

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

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