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ZIL prices experience a boom in selling pressure above $0.055, resulting in a bearish reversal within the falling channel. Will the downfall breach $0.050? Key technical points:
- ZIL price approaches the $0.050 mark.
- The Stochastic RSI threatens a bearish reversal with a negative crossover.
- The 24-hour trading volume of Zilliqa is $168 Million, indicating a fall of 39.09%.
Past Performance of ZIL
The falling channel pattern is a sign of a general decline in ZIL price that recently fell to a record low of $0.038, an 82.6 percent drop from the previous high. A successful retest of $0.0 58 offered a bearish opportunity to take advantage of the long-term trend and restart the downfall. 
Source-Tradingview
ZIL Technical Analysis
With the overall market declining steadily, the ZIL price has experienced an ebb and flow since its recent retest of $0.058. However, the decline has erased almost all the gains that coin owners had experienced during the past week. Moreover, the falling trend within the bearish pattern negatively impacts the crucial daily EMAs. The 50, 100, and 200-day EMA regain the bearish alignment with the recent crossover event. The RSI slope is not able to maintain an upward trend in the oversold area because it is experiencing an abrupt rise in the selling tension. Furthermore, Stochastic RSI shows the K and D lines stop an upward trend and are positioned to increase the bearish spread following the merger. In conclusion, as sellers begin to regain their awareness, the ZIL technical analysis takes a seller's influence, indicating a drop below $0.050.
Upcoming Trend
A selling opportunity for ZIL traders arises with the anticipated bearish reversal in the falling channel. As a result, the possibility of the market value plunging 20% to reach $0.038 increases significantly. However, a diagonal trend near the resistance trendline can be seen if the buyers resist a downtrend continuation. Support Levels: $0.050 and $0.038 Resistance Levels: $0.060 and $0.075