Zilliqa Price Analysis: ZIL Coin Price Bounced From The $0.075 Support, Can Its Reach The $0.116 Mark Again?
The November price fall completely whipped out all the gains the ZIL coin presented in the October rally. The coin price is plunged to the bottom support of $0.075 and is currently to obtain proper support to start a new rally. A significant piece of news that would interest the crypto investors is that Zilliqa is introducing a brand new and advanced NFT standard, ‘ZRC-6‘, to thrive the creator economy.
Key technical points:
- The ZIL coin price breached a resistance trendline of the 4-hour time frame chart
- The intraday trading volume in the ZIL coin is $111 Million, indicating a 1.76% loss.
Source- ZIL/USD chart by Tradingview
The ZIL coin price displayed an impressive recovery in October when the price bounced from the $0.075 support. However, with the same enthusiasm, the price reverted when it experienced strong rejection from the $0.116 resistance.
The technical chart showed a V-Top bearish reversal in this coin, which plunged the price back to this support level of $0.075. The price is again trying to obtain sufficient support from this level and is currently up by 18%.
Due to the sideways movement in price, the crucial EMAs(20, 50, 100, and 200) are drawn closer to each other, and therefore the crypto can limit these EMAs to 50 and 200 to identify the primary trend. In our case, the coin is currently in a downtrend, and the price could face strong resistance from these lines when it tries to rally.
The Relative Strength Index(47) projects a slightly bearish sentiment within the ZIL coin.
ZIL/USD 4-hour Time Frame Chart
Source- ZIL/USD chart by Tradingview
A descending trendline was acting as dynamic resistance to the ZIL coin price. However, by bouncing off the bottom support, the price also breached this trendline and a horizontal resistance level of $0.09. The crypto should wait for the price to complete its retest phase that should confirm the validity of this breakout.
However, even though the price action indicated a positive outlook for this coin, the ZIL price still has a lot of EMA barriers in its way that can obstruct its rally. Therefore, coin traders should strictly follow their risk management to avoid excessive loss.
- Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?
- White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC
- Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role
- Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms
- Ripple-Backed Evernorth Grows XRP Treasury to $1B Ahead of Nasdaq Listing
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
