ZIL Price Analysis: Zilliqa price sliding within a deep bearish well
•ZIL/USD is currently priced at $0.11 and has decreased by 2.13% over the past day
•The technical indicators suggest a bearish outlook for the altcoin
•The trading volume has reduced by 72.85% over the past day
Short Term View: ZIL Coin price observes a strong move to the downside
The Zilliqa price today is $0.110110 USD with a 24-hour trading volume of $360,781,043 USD. ZIL Coin is down 2.13% in the last 24 hours. The trading volumes have reduced dramatically over the past day, indicating the presence of bearish powers. The Volume to Market Cap Ratio stands at 0.2589 for the altcoin.
ZIL Coin clocked its all time high of $0.2563 on May 06, 2021 but has been a pale shadow of its former self in recent weeks and months. Zilliqa is currently in a downtrend and is transacting below the 20,50 SMA on the four hour chart which poses a crucial resistance in the short term time-frame. The continued efforts of the bears could push the altcoin below the support level placed at $0.1033. On the flip side, a renewed push from the bulls could flip the momentum in their favor and propel the asset towards the resistance level placed at $0.1245.
Long Term View for Zilliqa
The RSI indicator’s slope for ZIL Coin is slightly lower than the central line of the daily charts. As a result of the rejection from the central line, RSI support dropped to 50.71%. Furthermore, the slope is descending, which may soon lead to the entry into the oversold zone. On a daily chart,the MACD and signal lines are heading to the south of the zero line, with both the lines remaining bearishly aligned. Moreover, the red histograms are increasing in size as well, indicating that the selling pressure is becoming more intense.
In conclusion, the technical indicators for ZIL Coin reflect the rising trend momentum of the correction phase. Therefore, the indicators suggest a correction in Zilliqa below the nearest support levels.
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.