ZIL Technical Analysis: Price Below the Second Fibonacci Pivot Point of $0.104, Possible Bear Hug
Zilliqa is the first public blockchain network in the world to adopt sharding as an effective scaling solution. It is a fast, secure, and highly scalable network. It provides a robust platform for the development of innovative decentralized applications. ZIL is the native token of this ecosystem and the technical analysis is as follows:
On May 24, 2021, ZIL opened at $0.09. On May 30, 2021, ZIL closed at $0.105. Thus, in the past week, the ZIL price has increased by approximately 17%. In the last 24 hours, ZIL has traded between $0.1-$0.11.
Day-Ahead and Tomorrow
Currently, ZIL is trading at $0.102. The price has decreased from the day’s opening price of $0.105. Thus, the market seems bearish.
The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, the ZIL price may decline further.
Currently, the RSI indicator is at 55%. It faced rejection at 47% and rose to this level. Thus, buying pressures are slowly mounting. We have to wait and watch if buying pressures become strong enough to bring about a bearish trend reversal.
The OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the ZIL price.
In short, when we look at all three oscillators, we can say that the price may continue to fall. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if an intermittent price rise is a corrective action or the beginning of a positive trend.
ZIL Technical Analysis
Currently, the price is below the second Fibonacci pivot point of $0.104. If the bears remain strong till day end, then the price is likely to fall below the first, second, and third support levels of $0.1, $0.099, and $0.097, respectively.
The ZIL price has tested and fallen below the 38.2% FIB retracement level of $0.103. It may soon fall below the 23.6% FIB retracement level of $0.102. Thereafter, we have to wait and watch if the price retests and breaks out of these levels. In that case, the price upswing is likely to continue tomorrow as well.