- ZIL’s price shows strength for the first time after a long while.
- ZIL recovers from its downtrend and hopes to stop the bearish trend as it looks for a breakout from the downtrend.
- ZIL price shows signs of bullishness as it cracks a 5% rise despite trading below 50 Exponential Moving Averages and 200 EMA with strong volume.
The price of Zilliqa (ZIL) has been one of the best performances in the early part of the year as many talked so much about its metaverse project “Metapolis” with huge partnerships. Zilliqa (ZIL) price rose to $0.02 against tether USDT. This was in keeping with the hype about this crypto asset. The crypto market is facing new challenges as Bitcoin (BTC), price fell from $19,000 to $18,100. This was due to an increase in inflation. Altcoins were also affected. However, ZIL recovered some of its strength. Data from Binance
Zilliqa, ZIL Price Analysis On the Weekly Chart
The CPI news caused a sharp drop in the cryptocurrency market. However, it appeared that the market was being manipulated. Bitcoin (BTC), dropped from $19 200 to $18,200 within hours. As most altcoins started to gain strength, the market recovered quickly. ZIL attempted to rebound from $0.028.
It is uncertain how much longer the price rebound will continue given the recent increase in Bitcoin Dominance’s (BTC.D), after a lengthy period of decline. BTC.D is rising and most altcoins are likely to see a drop in price when BTC reverses.
ZIL’s price has had a tough time after its launch of Metapolis, with the price hitting a downtrend with no sign of a recovery. ZIL fell back to $0.029 at the low. The price rebounded from that region to $0.04, but it was denied from this area with no recovery signs on the weekly timeline.
Weekly resistance for the price of ZIL – $0.04.
Weekly support for the price of ZIL – $0.027.
ZIL Price Analysis on the Daily (1D), Chart
The daily timeframe for the price of ZIL doesn’t look so good as the price has tried on several occasions to break out of the downtrend as the price has formed a downtrend line acting as resistance for ZIL’s price.
ZIL’s price needs to break out of its downtrend with good volume and reclaim the resistance at $0.035 for the price to have a relief rally. Zilliqa, a great project that has a very real application case, is currently experiencing a market downturn. However this crypto asset is receiving less attention recently.
Daily resistance for the price of ZIL – $0.035-$0.04.
Daily support for the price of ZIL – $0.027.
Cryptonomist, Charts from Tradingview Featured Image