Zilliqa
Zilliqa Price Analysis: Is ZIL Ready to Foster Investor’s Zeal? Know Some Interesting levels of ZIL Coin
- Zilliqa Price has fallen through a pole and flag pattern over the daily chart.
- The crypto asset is trading above 20, 50, 100 and 200-days Daily Moving Average.
- The pair of ZIL/BTC is CMP at 0.000002922 BTC with an intraday gain of 3.01%.
Zilliqa Price gained massively upto 400% from 26th March to 1st April. However, afterwards the token started falling off the cliff and couldn’t sustain at the higher level. This sustainability issue arises due to bears shorting the market and bulls losing grip over ZIL coin. Gradually decreasing volume change is the main reason ZIL bulls couldn’t sustain at the higher level. Meanwhile, the token went into a consolidation phase after falling off the cliff. The token must attract more buyers to break out of the consolidation phase over the daily chart.
ZIL coin is presently CMP at $0.12 and has gained 0.92% of its market capitalization in the last 24-hour period. Trading volume has also increased by 41.75% in the intraday trading session. This shows that traders are getting involved in the trade to plan the escape of the ZIL coin from the horizontal range-bound area. Volume to market cap ratio is 0.4951.
ZIL Coin is trying to escape out of the consolidation phase and thriving to break out of the range-bound area. ZIL investors must shoulder the burden and look for a way out. However, volume change is below average and needs to grow for ZIL to successfully escape from sideways momentum. The gradual decrease in trading volume signifies that token’s fall as traders got away from the trade eventually. But this time ZIL must work on the traders zeal to implement a full fledged escape plan.
Support at the lower level is marked at $0.04 and resistance on the higher level resides at $0.23. It’s a matter of time to see if ZIL makes it to the resistance level by breaking out of the horizontal range-bound area or continues to fall towards the demand zone.
What’s the big Plan of the Bulls?
Zilliqa price got stuck into a horizontal range-bound area over the daily chart. The token is still trying to get up and gather forces from bulls. However, ZIL needs to attract more buyers to move out of the consolidation area. ZIL can break out and hit the resistance level or else bears may trap the coin and make it fall to the demand zone. The technical indicators showcase neutrality for ZIL coin.
Relative Strength Index showcases neutrality for ZIL coin. RSI is at 57 mark and any directional change may be experienced by ZIL coin after 60.
MACD exhibits ZIL coin’s fall from the higher levels. The MACD line is behind the signal line after a negative crossover.
Conclusion
ZIL Coin has fallen from the pole and flag pattern over the daily chart. The token got stuck into a horizontal range-bound area and tried to break out of it. ZIL needs to attract more buyers to successfully escape out of the consolidation phase. Bulls have to sustain this time at the verge of range-bound area. Gradual decrease in trading volume can be observed over the daily chart. Which signifies the token’s fall.
Technical Levels
Support Levels: $0.04
Resistance Levels: $0.23
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
