menuIcon
$ 84,859.5
BTC
$ 84,859.5
-2.41 %
$ 1,908.61
ETH
$ 1,908.61
-5.35 %
$ 0.6968
ADA
$ 0.6968
-4.82 %
$ 628.81
BNB
$ 628.81
-0.64 %
$ 130.88
SOL
$ 130.88
-4.77 %
Vikram
Apr 21, 2022
by Vikram

ZIL Technical Analysis: Concentrated Resistance Interrupts ZIL Recovery

ZIL
ZIL coin price reversal from the $0.135 mark may trigger a short consolidation phase. Should you wait for a bullish continuation or hoard at market price?

Key technical points:

  • The ZIL price displays rejection candle at $0.136 resistance

  • The 100-and-200-day EMA provides a bullish crossover

  • Finally, the 24-hour trading volume of Zilliqa is $1.84 Million, marking a 109% rise.

    • Past Performance of ZIL

    The ZIL coin price presented a perpendicular growth in late March, marking a record high of $0.23. This bull rally accounted for 373% growth considering the March 26th low of $0.47. However, the coin chart displayed several high-wick rejection candles at the $0.23 mark, indicating the bulls were exhausted. The following correction rally tumbled the altcoin by 55%, bringing it to the 0.618 Fibonacci retracement level.

    TradingView Chart

    ZIL Technical Analysis 

    ZIL coin price formed a double bottom pattern at the 0.618 FIB($0.105) support. The altcoin witnessed a significant inflow on April 20th, which breached the $0.116 neckline and hit the shared resistance of 0.5 FIB level and $0.135. However, the sellers are aggressively defending this resistance, reflected by a long-wick rejection 

    The ZIL price trading above the bullish alignment of crucial EMAs(20, 50, 100, and 200) indicates a definite bull trend. Moreover, a bullish crossover of the 100-and-200-day EMA encourages additional buying.

    The daily-MACD indicator presents the fast and slow lines nearing a bullish crossover. This buy signal could bolster traders to breach to $0.135 resistance.

    RSI Indicator: Despite a significant correction phase, the RSI value sustained above the neutral level(50%), indicating the traders maintain positive sentiment for ZIL. The indicator slope continues to rise again and has reclaimed the 14-SMA.

    In a nutshell, the ZIL technical analysis highlights the coin price struggles to surpass $0.135 resistance which could trigger a short consolidation phase.

    Upcoming Trend 

    If the ZIL reverts from the $0.135 resistance, the sellers will sink the coin price to $0.105 support. Considering the strength of this support zone, the buyers would sustain the altcoin above it, initiating a minor consolidation phase.

    Support Levels: $0.1 and $0.09

    Resistance Levels: $0.135 and $1.53

    Follow us on: News
    Zilliqa ZIL
    ZIL Technical Analysis: Concentrated Resistance Interrupts ZIL Recovery
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

    Top Picks