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Bears who pushed Zilliqa’s (ZIL) price down to an intraday low of $0.01741 have been driven from the market by a resurgence of buying interest. At the time of publication, the price has increased in value by 46.72%, reaching $0.02578.
With renewed interest from buyers, the market cap has risen by 47.28% to $409,951,099 and the 24-hour trading volume has soared by 2883.90% to $397,926,921.
Resistance at $0.02702 was strong for buyers throughout the rise; if bull vigor is maintained, the next resistance level might be around $0.02963. However, if buyers lose confidence, sellers may be empowered to push the price down below $0.02588, a level not seen since mid-April.
These levels of expected resistance and support are key since a breach above or below them might signal a change in market sentiment and result in a large price movement. With the RSI now in the overbought zone at 95.61, bull strength is at an all-time high, warning traders to be cautious ahead of a possible market reversal.
ZIL’s price is predicted to rise as the Keltner Channel bands broaden and travel north, hitting at $0.02282 and $0.01749, respectively. This is because as the bands move away from their mean, it indicates more volatility in ZIL, which implies that price will follow the bands. If the underlying price is rising, traders can utilize the Keltner Channel’s broader bands as buy signals. When the bands thin and go lower, traders can use the Keltner Channel’s lower bands as sell signals.
Bull Bear Power (BBP) assists investors in identifying probable trend reversals when the reading rises above or below a given level. A positive rating over 0 implies that the underlying trend is favorable and that prices are expected to rise. Hence, with a value of 0.00913, the Bull Bear Power (BBP) is in the positive range, indicating that bullish investors are dominating the market and that prices are expected to climb in the short term.
To counter negative attempts in the ZIL market, the bulls need to drive prices higher and defend the current resistance level.
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