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The ZIL price is currently trading at $0.029 while seeing a change of -13% in 24-hour trading volume. - 2
The ZIL price has been observing a decline of 2.27% in the last 24 hours.
The ZIL price is trading within a descending flag pattern. The descending flag pattern is a bullish indicator which means that the price can make a bullish breakout. The descending flag pattern indicates the correction phase which occurs in a bull trend. As can be observed in the historical price action ZIL price has been repeating this pattern constantly. Zilliqa is making a bullish price pattern also supported by the oscillators but before making a breakout it will have to cross over the major resistance of 200 EMA.
ZIL price trading within a descending channel
The Zilliqa price after taking support in early January changed its trend in the bulls’ favor. ZIL token price made a gravestone near the beginning of January followed by an exceedingly bullish turn of 88% after a bullish candle. Taking a resistance from $0.2800 the price started trading within an ascending channel. Near February-end, Zilliqa’s price took a rejection from $0.3700 and broke the consolidation channel. After breaking the pattern ZIL’s price made a massive downturn of 40%.
Technical Analysis
The Zilliqa price is trading between the 100 and 200 EMA within a consolidation. The price has been making multiple attempts to cross above its major resistance level of 200 EMA EMA. In early January the buyers started pushing the price up and with their support, Zilliqa was almost successful in its attempt to cross over its resistance. Although the price was not able to sustain above the 200 EMA and it made a major correction.
Gaining buyers from its previous support zone the Zilliqua price made another bullish attempt and currently, it is trading immediately below the resistance level taking support from the 100 EMA. With the consolidation, ZIL’s price is making a bullish descending pattern just below 200 EMA.
The RSI is trading near the median line moving with the price action. The current value of the RSI line is 53.26 points and it is taking resistance from 14 SMA around 54.42 points. The movements of the RSI line are indecisive regarding the future trend.
Stochastic RSI has recently crossed below the median line and as of now, it is trading near the demand zone below 30 points. The current value of Stochastic RSI is 27.42 points and it is trading near the demand zone. The oscillator is suggesting that the price might make a bullish move and as the price is trading within a consolidation it may make a significant breakout.
Technical levels –
Support -$0.02803 and $0.02190
Resistance – $0.3500 and $0.3020
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/04/14/zil-price-analysis-will-the-zil-price-gain-bulls-support/