Will ZIL Reach  New Highs in 2024?

Zilliqa is making a Higher high structure and maintaining its momentum. However, Zilliqa crypto is in an uptrend.

Moreover, the current market sentiments are positive about ZIL crypto. Buyers are showing interest in crypto in the present market scenario.

Zilliqa is a blockchain platform that aims to achieve high scalability by using sharding, a technique that splits the database into smaller parts. Zilliqa stands out from other decentralized applications or dapps because of its sharding technology.

Zilliqa was born at the National University of Singapore, where a team of engineers, entrepreneurs, and academics designed and developed it. The team, led by co-founder, president, and chief scientific officer Amrit Kumar; chief technology officer Yaoqi Jia; and former board member and CEO Xinshu Dong, raised about $20 Million of private funding before the end of 2017.

They did not plan to do an initial coin offering or ICO, but they eventually did one from December 2017 to January 2018 and got $22 Million in funding. Zilliqa launched its mainnet in early 2019 and became the world’s first public blockchain network to use sharding for scalability.

Technical Evaluation of Zilliqa Crypto Price in 1-D Time Frame

Zilliqa crypto ( USD: ZIL) has seen its crypto price rise steadily for the past three months, gaining 54.54%. At the time of writing, ZIL crypto was trading at $0.02543225 and has been trying to hold on to this level after a pullback.

If it can stay at this level, Zilliqa price could continue to rise and reach the $0.02811120 mark. However, if the ZIL price cannot maintain this level and falls, it might hit the closest support level of $0.02351394.

At the time of publishing, Zilliqa crypto (USD: ZIL) was trading above the 50 and 200-day daily moving averages (DMAs), which support the price trend. 

Moreover, if selling volume adds up, then the price might conquer supporting DMAs by making lower highs and lows. However, the ZIL price is expected to move downwards giving bullish views over the daily time frame chart.

The current value of RSI is 55.52 points. The 14 SMA is above the median line at 60.14 points which indicates that the Zilliqa crypto is bullish.

The MACD line at 0.00073555 and the signal line at 0.00085332 are above the zero line. A bearish crossover is observed in the MACD indicator which signals weakness for the ZIL crypto price.

Summary

Zilliqa (USD: ZIL) technical oscillators support the bullish trend. The MACD, RSI, and EMAs are emphasizing positive signs and imply that the uptrend may continue in the ZIL crypto price. Zilliqa price action suggests that the investors and traders are bullish on the 1-D time frame. The price action reflects a bullish perspective at the moment.

Technical Levels

Support Levels:  $0.02351394.

Resistance Levels:  $0.02811120. 

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.