Zilliqa Price Analysis: ZIL swelled 21% this week; do you want to take a long position?
- Zilliqa coin again turned towards the 90 days high peak of $0.2281 after noticing the sharp sell-off.
- The Market capitalization has increased by 11.2% in the last 24-hours and crossed $1.6 billion.
- The daily price chart of ZIL observes above the essential moving averages such as 20,50 and 200.
Zilliqa coin has again turned to the higher side after a slight accumulation phase above the 9 month POC point (RED) according to the VPVR indicator. However, at the end of March, ZIL Coin saw a two-fold increase; Therefore, the crypto recovered more than 450% of its cost up to its April high.
Near the conceptual round level of $0.10, ZIL investors well managed the asset price to prevent themselves from more bloodbath below it. Resulting in the cryptocurrency has reclaimed almost 20% of its cost as of now.
With the past three green candles the ZIL coin is higher by 9.3% in the last 24-hours as per the CMC. Thus the coin is trading at $0.131 at the time of writing. Moreover, Zilliqa coin concerning Bitcoin is looking up by 8.08% at 0.000003151 Satoshis.
Near the psychological round level, buyers found a hedge zone where the 9-month POC point is also present, so the $0.10-support is still valid for further trading sessions. Meanwhile, the daily price chart of ZIL is trading above essential moving averages like 20,50 and 200. With this, buyers were so aggressive yesterday, hence the increase in trading volume by over 196%.
Bulls aim to achieve monthly high again
The daily RSI indicator recently took support above the semi-line (50-point), which acted as support for the indicator. However, the RSI again turned skyward and it may fill the gap in the overbought zone by the end of this month.
Equally, the MACD indicator slips after a bearish crossover but still remains inside positive territory in terms of the daily price chart.
Zilliqa coin is again appearing bullish to achieve monthly highs. According to the Fibonacci retracement level, buyers could see a minor retracement level near the $0.15 level.
Support level – $0.10 and $0.800
Resistance level – $0.240 and $0.30
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.