Cryptocurrency News

Zilliqa Falls a Prey to Bearish Divergence Just Like Major Alts

Zilliqa shifts to trading amongst the top 50 cryptos in the global market and is one of those altcoins that have recently hit a YTD high before plunging back to a bearish crossover. However, ZIL is now trapped to follow the negative market sentiment against the US Dollar, accompanying the largest cryptocurrency by market capitalization, Bitcoin.

With a significant gain in price and a steep bullish curve, ZIL/USD was breaching the upper Bollinger Band on the daily chart before the bearish candlewick took the coin to trade below $0.030.

As per Zilliqa price prediction, the currency has cleared the accumulation zone at the onset of the previous month, which basically extended since the beginning of the ongoing quarter. Zilliqa definitely has enough potential that has led the con to mark a fresh YTD high at $0.037, to correct downwards by over 19% in around two weeks now.

Zilliqa Price Analysis

Zilliqa News
ZIL/USD chart By TradingView

Zilliqa, at the time of penning down this analysis, was seen trading below $0.030 at $0.0299, after having pulled back from the YTD high. With a gradual correction after hitting the YTD high, the coin is back to testing weekly support below major support. However, the 20-day Bollinger Bands are still seen widening and may experience a volatile downward movement as per the current traction.

However, despite the current rejection, the coin retains support from 50-day and 200-day daily MA at $0.0235 and $0.02031. With the recent correction, the signal line has slightly crossed above the MACD line, and the bearish divergence splurges in slightly. The RSI of the coin is at 53.67after having dipped from the overbought zone due to loss in momentum and diminishing price.

Jason Palmer

Jason Palmer joined CoinNewsSpan as an editor and analyst. He has over five years of experience as a forex analyst. He holds a master's degree in business administration with specialization in finance. He is actively involved in analyzing the prevalent crypto trends. He has a keen interest in commodities and forex trading.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button