ZIL price despite following a descending trend since the beginning of the month has maintained decent volatility. Moreover, the volume currently is a little higher than before, and hence a significant price movement regardless of the direction may be presumed. Yet in the short-term, the asset is primed to close the day’s trade on a bullish note.
The immediate resistance is a little distinct from the current levels and hence it failed to achieve, yet the path may be laid. And hence including a couple of pullbacks or minor corrections, the ZIL price may eventually smash the resistance to secure with the uptrend.
Zilliqa’s price recently rejected visiting lower support beyond $0.0366 by rebounding strongly. However, after a significant jump a couple of days before, the asset is swinging within a parallel channel. Currently, the price seems to be poised to maintain a strong uptrend and hence refuses to launch towards the south.
|Short-Term||The asset is utilizing all its resources to sustain above the day’s average while facing a tough challenge from the bears frequently.|
|Mid-Term||The ZIL has rallied strongly in the past couple of days and may experience exhaustion soon that may drag the price a little lower|
|Long-Term||Price has rebounded firmly after the February lows but is unable to maintain a strong uptrend. Hence the trend is not completely bearish but not bullish as well|
|Technical Indicators||Value(1Hr / 1D)||Action (1Hr / 1D)|
|Relative Strength Index(RSI)||50.41 / 46.46||Neutral / Neutral|
|MACD(12,26)||0.0 / -0.001||Neutral / Sell|
|Average Directional Index(ADX)||15.9 / 25.9||Neutral / Buy|
|Bull-Bear Power||0.0005 / 0.0005||Buy / Buy|
|Average True Range(ATR)||0.0008||0.0031|
The current bearish trend in the market has capitulated the ZIL price which also showcases the possibility to test lower support. However, the current levels are very close to 50-day & 200-day MA levels. And surpassing these levels may validate the uptrend. On the other hand, the rally’s strength is coiling up, and being less volatile one can expect a slow yet steady uptrend in the next couple of hours.
Additional Read: Top Crypto News Today, 11 March 2022
Additional Read: Zilliqa Price Prediction
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