Zilliqa (ZIL) Price Increases By 10% Despite Market Downturn

2023-9-22 16:00

The Zilliqa (ZIL) price saved a breakdown from the $0.0165 horizontal support area and is now in the process of breaking out from a descending resistance line.

The daily timeframe supports the reclaim of the horizontal support area and indicates that the price is likely to increase.

ZIL Price Saves Breakdown From Long-Term Support

The ZIL price has traded above the $0.0165 area since the beginning of the year. During this time, it has bounced at the area several times. However, each bounce led to the creation of a lower high, considered a sign of weakness. The highs create a descending resistance line.

Read More: Best Upcoming Airdrops in 2023

Last week, it seemed that the cryptocurrency broke down from the $0.0165 area. However, it created a long lower wick (green icon) and reclaimed the area almost immediately afterwards. Now, the price is in the process of breaking out from the descending resistance line. Such deviations and reclaims are bullish signs and they often led to a trend reversal. In any case, ZIL needs to close above the descending resistance line in order to confirm its bullish trend reversal.

ZIL/USDT Weekly Chart. Source: TradingView

Despite this seemingly bullish price action, the RSI is still undetermined. The RSI is a momentum indicator traders use to evaluate whether a market is overbought or oversold, and to determine whether to accumulate or sell an asset. Readings above 50 and an upward trend suggest that bulls still have an advantage, while readings below 50 indicate the opposite.

While the indicator is increasing, it is still below 50. A close above the descending resistance line alongside a RSI movement above 50 will confirm that the trend is bullish.

ZIL Price Prediction: Double Bottom Leads to Increase

The daily timeframe technical analysis supports the continuing of the increase. There are two main reasons for this. 

Read More: Best Crypto Sign-Up Bonuses in 2023

Firstly, the price created a double bottom, which is considered a bullish pattern. The double bottom catalyzed the increase that caused the reclaim of the $0.0165 horizontal support area. 

Secondly, the double bottom was combined with bullish divergence in the RSI (green line). This is a bullish occurrence when a price decrease is combined with a momentum increase.

This often leads to bullish trend reversals. In the case of ZIL, it caused a breakout from a short-term descending resistance line. 

If the increase continues, the next closest resistance area will be at $0.0200, a 13% increase measuring from the current price. 

ZIL/USDT Daily Chart. Source: TradingView

Despite this bullish ZIL price prediction, failure to sustain the increase could cause a drop to the resistance line, which is currently at $0.0160.

This would be a drop of 10% measuring from the current price.

For BeInCrypto’s latest crypto market analysis, click here.

The post Zilliqa (ZIL) Price Increases By 10% Despite Market Downturn appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

ETH/LINK Price Action Candlestick Set (LINKETHPA) на Currencies.ru

$ 467.1 (+0.48%)
Объем 24H $0
Изменеия 24h: 0.85 %, 7d: 17.53 %
Cегодня L: $453.49 - H: $467.1
Капитализация $0 Rank 3676
Доступно / Всего 0 LINKETHPA

price zil zilliqa downturn despite market increases

price zil → Результатов: 94


Фото:

Will XVG’s Increase Mirror That of ZIL?

After breaking out from a long period of consolidation, ZIL increased by more than 400% in roughly a month. XVG’s recent price action suggests that it too could go on a similar run. Zilliqa (ZIL) In the period from April 30 to June 11, the ZIL price increased by 424%, reaching a high of 307 […] The post Will XVG’s Increase Mirror That of ZIL? appeared first on BeInCrypto.

2020-6-16 00:00


Zilliqa Price Analysis ZIL / USD: In The Bear’s Jaws

Zilliqa has a bearish short-term trading bias, with the cryptocurrency still trading below its 200-period moving average on the four-hour time frame The four-hour time frame shows that the ZIL / USD pair is attempting a bearish breakout from a wedge pattern The daily time frame continues to show a bearish technical breakout in action […] The post Zilliqa Price Analysis ZIL / USD: In The Bear’s Jaws appeared first on Crypto Briefing.

2019-8-2 16:39


Zilliqa Price Analysis ZIL / USD: Riding On Chainlink

Zilliqa has a bearish short-term trading outlook, with the cryptocurrency still trading below its 200-period moving average on the four-hour time frame The four-hour time frame shows that the ZIL / USD pair still remains trapped within a wedge pattern The daily time frame continues to show the invalidation of a large inverted head and […] The post Zilliqa Price Analysis ZIL / USD: Riding On Chainlink appeared first on Crypto Briefing.

2019-7-31 16:42


Zilliqa Price Analysis ZIL / USD: Prison Break, Round 2

Zilliqa has a bullish short-term trading outlook, with the cryptocurrency still holding price above its 200-period moving average on the four-hour time frame The four-hour time frame continues to show a large inverted head and shoulders pattern The daily time frame is showing that the ZIL / USD pair is probing towards the top of […] The post Zilliqa Price Analysis ZIL / USD: Prison Break, Round 2 appeared first on Crypto Briefing.

2019-6-11 16:10


Zilliqa Price Analysis ZIL / USD: Approaching Breakout

Zilliqa has an increasingly bullish short-term trading outlook, with the cryptocurrency probing towards the April high The four-hour time frame now shows a valid bullish inverted head and shoulders pattern The daily time frame is showing that the ZIL / USD pair is testing towards the top of its yearly price range Zilliqa / USD […] The post Zilliqa Price Analysis ZIL / USD: Approaching Breakout appeared first on Crypto Briefing.

2019-6-7 16:52


Zilliqa Price Analysis ZIL / USD: Escaping With The Goods

Zilliqa has a bullish short-term trading bias, with the cryptocurrency still well supported on any moves lower The ZIL / USD pair has a bullish medium-term outlook with cryptocurrency still trading above its 200-day moving average The daily time frame is showing that price remains trapped within a horizontal price channel Zilliqa / USD Short-term […] The post Zilliqa Price Analysis ZIL / USD: Escaping With The Goods appeared first on Crypto Briefing.

2019-6-4 16:50


Zilliqa Price Analysis ZIL / USD: Jumping Above The Average

Zilliqa has a bullish short-term bias, with the cryptocurrency advancing to a new monthly trading high The ZIL / USD pair has a bullish medium-term outlook and is now trading above its key 200-day moving average The daily time frame is showing that a large bullish pattern may be forming Zilliqa / USD Short-term price […] The post Zilliqa Price Analysis ZIL / USD: Jumping Above The Average appeared first on Crypto Briefing.

2019-5-22 16:49


Zilliqa (ZIL) Price Analysis and Prediction 2019 – Approaching The Crucial Breakout Level at 280 Sats (May 21st Update)

Mid May Update: Technicals Daily ZILBTC The falling wedge pattern played out as expected, we saw a mild breakout and Zilliqa jumped up by 50 sats. Right now, Zilliqa needs to climb up above the falling trendline at 255-260 sats and close above it so we can have a stronger signal of a bull run.

2019-5-21 17:50


Zilliqa (ZIL) team working on stable coin project: Need patience from the community

Altcoins are not performing so well at the moment, and investors are feeling the heat. In most projects, investors are getting frustrated with the lack of any significant bullish price action. This is quite understandable given that Bitcoin is already up by over 100% with little action in the altcoins market. One altcoin where the […]

2019-5-21 12:32


Zilliqa (ZIL) Price Prediction 2019 – Slow Leakage of Value Continues (Early May Update)

Early May Update: Technicals Zilliqa’s daily ZILBTC chart still looks bleak – ZIL is welded in a descending channel, currently sliding along the bottom line of that channel. Intermediate trend is bearish and we would need a strong break through the upper line of the descending channel on a strong volume to confirm a trend […] The post Zilliqa (ZIL) Price Prediction 2019 – Slow Leakage of Value Continues (Early May Update) appeared first on CaptainAltcoin.

2019-5-3 18:13