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ZIL Coin Price Bounced From The $0.075 Support, Can Its Reach The $0.116 Mark Again?

TradingView Chart


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

TradingView 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.

 

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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