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ZIL Technical Analysis: Price Below the First Fibonacci Pivot Resistance Level of $0.085

source-logo  cryptoknowmics.com 13 July 2021 11:55, UTC

Zilliqa is the first public blockchain network in the world to adopt sharding as an effective scaling solution. It is a high-speed, hack-free, and highly scalable network. It provides a robust platform for the creation of innovative decentralized applications. ZIL is the prime governance token of this ecosystem. Let us look at the technical analysis for ZIL.

Past Performance

On July 10, 2021, ZIL opened at $0.071. On July 12, 2021, ZIL closed at $0.072. Thus, in the past week, the ZIL price has increased by roughly 5%. In the last 24 hours, ZIL has traded between $0.070 – $0.071.

https://www.tradingview.com/x/czfjk5iP/

Day-Ahead and tomorrow

Currently, ZIL is trading at $0.071. The price has increased from the day’s opening price of $0.081. Thus, the market seems on a bit downtrend.

The MACD and signal lines are negative and have converged. Thus, the overall market momentum is bearish. However, both lines are close to the zero line and may turn positive soon. Hence, we can expect the price to start falling.

Currently, the RSI indicator is at 32%. It faced rejection at 50% and rose to the current level. However, selling pressures are still high. High selling activity will exert downward pressure on the ZIL price.

However, the OBV indicator is rising steadily. Thus, buying volumes are slowly surpassing selling volumes. High buying activity will push the price further up.

In short, the MACD and RSI indicators have given bearish signals, whereas the OBV indicator has given bullish signals. Thus, the overall market momentum is negative. We have to wait and watch if intermittent price rises are temporary or the commencement of a bearish trend reversal.

ZIL Technical Analysis

Currently, the price is below the first Fibonacci pivot resistance level of $0.085. It may soon fall below the Fibonacci pivot point of $0.079. Thereafter, we have to wait and watch if the price continues to fall or starts rising again.

The price may soon test and fall below the 23.6% FIB retracement level of $0.083. The price may further fall below the 38.2% FIB retracement level of $0.081 as well. Thus, by day end, if the price retests and breaks out of these levels, then we can expect the price upswing to continue tomorrow as well.

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