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- The ZIL price is currently trading at $0.03319 while seeing a change of 25% in 24-hour trading volume.
- The ZIL price has been observing an increase of 1.25% in the last 24 hours.
The ZIL price recently made a bullish breakout through its major EMA levels. Presently the price is making an attempt to recapture its previous bullish trend. Though the sellers are trying their best to take the rains back of the trend the price is getting significant support from the buyers and a major increase in the volumes is also observed within the last few days.
If the price continues to gain the buyer’s support at current levels with a strong movement it has the potential to gain twice or even thrice its value back in the future trend. Though at present the price is taking severe resistance from $0.03500 where the oscillators RSI and Stochastic RSI are moving on a bullish trend. The EMA and MA both are providing significant support to the price. Hence the technical indicators are supporting the bulls.
ZIL price trading within a descending channel
The Zilliqa price started trading in the bulls’ favor after taking support in early January. Taking a resistance from $0.2800 the price started trading within a broad ascending channel. Around the end of February, Zilliqa’s price took a rejection from $0.3500 making a severe downturn of 40%.
In the previous Analysis, it was predicted that the price can make a bullish breakout after breaking the descending channel. The price is still making the breakout after seeing an increase of 25% within the last few weeks after breaking above $0.3000 with a strong movement.
Technical Analysis
The RSI is trading on a bull trend at present it is taking a reversal from the oversold levels. The current value of the RSI line is 57.71 points and it is taking resistance from 14 SMA around 57.82 points. The movements of the RSI line are a little bearish regarding the future trend.
Stochastic RSI has recently taken a bullish reversal from the demand zone at 30.0 points. The current value of Stochastic RSI is 50.29 points and it is suggesting that it might soon cross above the median line. The Stochastic oscillator is trading in contrast with the RSI line.
Conclusion
According to the analysis, The price is on an overall bullish trend. The recent support level for the ZIL price is around $0.03000 and the major support for the ZIL price is around $0.02500. The recent resistance point for the price of ZIL is near $0.3500 whereas on the other hand, its major resistance is at $$0.4000
Technical levels –
Support -$0.03000 and $0.02500
Resistance – $0.3500 and $0.4000
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.