ZIL Technical Analysis: May Soon Fall Below the Support Levels of $0.2 and $0.191
Zilliqa is an open-source blockchain network that has been a pioneer in implementing sharding on its mainnet. It provides a fast, secure, and cost-efficient platform for smooth digital transformations. Furthermore, it is a highly scalable ecosystem that enables users to build innovative decentralized apps. ZIL is the native token of this network. The following ZIL technical analysis explains the movement for today and tomorrow.
On April 21, 2021, ZIL opened at $0.192. As of April 27, 2021, ZIL closed at $0.213. Thus, in the past week, the ZIL price has surged by approximately 11%. In the last 24 hours, ZIL has traded between $0.2-$0.223.
Day-Ahead and Tomorrow
Currently, ZIL is trading at $0.204. The price has decreased from the day’s opening price of $0.213. Thus, the market seems to be downtick.
The MACD and signal lines are negative. Thus, the overall market momentum is negative. However, a bullish crossover by the MACD line over the signal line has occurred. Moreover, both the lines are close to the zero line and may turn positive soon. Thus, a trend reversal may be on the horizon. As of now, the price may go down further.
Currently, the RSI indicator is at 50%. It faced rejection at 42% and rose to the current level. Thus, buying pressures are slowly building. Hence, the price may start rising after some time.
The A/D indicator has fallen steeply. Thus, whale distributions are higher than whale accumulations. High selling volumes will exert downward pressure on the ZIL price.
ZIL Price Analysis
When we look at all technical analysis indicators together, we can expect the price to decline as of now. However, in a few hours, we can expect a bearish trend reversal and the price may start rising thereafter.
Currently, the price is below the first Fibonacci pivot support level of $0.204. It may soon fall below the subsequent support levels of $0.2 and $0.191, respectively.
The price has tested and fallen below the 23.6% FIB retracement level of $0.207. By day end, if the price retests and breaks out of this level, then probably the bearish trend has weakened, and we can expect a price uptrend tomorrow.
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