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Zilliqa Price Analysis: ZIL finds support at $0.08217, set to drop further?

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TL;DR Breakdown

  • Zilliqa price analysis today yields a bearish trend, as the price is 2.5% down from yesterday.
  • The cryptocurrency has found support at $0.08217, which currently holds.
  • The current price is at $0.08281, with the nearest resistance at $0.0848.

Zilliqa price analysis for today is bearish as the ZIL/USDT pair is trading above the nearest support at $0.08217. The support currently holds as the bears are taking charge. If continued, the buying pressure might take the price of Zilliqa below the current support.

Considering the data Coinmarketcap, the 24-hour trading volume of Zilliqa is down by 34.16%. This means the trend has turned bearish. Day traders have sold their tokens, and according to our Zilliqa price analysis, further downside movement is possible.

Yesterday, Zilliqa dropped from $0.09305 to $0.08492, showing a negative 8.73% change. This movement turned the entire price movement bearish, while Bitcoin fell by almost 8% in a single day after the China crackdown announcement.

Zilliqa price analysis: Technical indicators remain bearish

Zilliqa price analysis shows us that the key Moving Averages are currently above the price action. This is a bearish indicator in the short term, i.e., on the 4-hour chart. Once the bulls take advantage and take the price of Zilliqa upwards to reclaim the 50-day and the 100-day Moving Averages, the bearish trend will continue.

Another important observation from the 4-hour charts below is that the price movement rests towards the lower end of the Bollinger Bands. This shows that the selling pressure currently subdues the selling pressure. When this happens, buying opportunities arrive at your doorstep. Before the bulls take the market to the moon, it is better to go shopping!

Zilliqa Price Analysis: ZIL finds support at $0.08217, set to drop further? 1
Zilliqa price analysis on the 4-hour chart by TradingView

Looking at the Zilliqa price analysis for today, the RSI indicator shows a value below 40 but above 20. The price is above the oversold zone but is in the bearish zone, where the selling pressure is quite high. The RSI line is progressing with a slightly negative gradient which means that lower prices might follow.

The MACD indicator is quite unclear at the moment as the signal line, and the MACD lines are nearly overlapping. But, if you look closely, you will be able to see that the orange line is progressing above the blue line. This is the representation of a bearish price movement.

Zilliqa price analysis
Zilliqa price analysis on the 4-hour chart by TradingView

Zilliqa price analysis: Conclusion

Zilliqa price analysis can be concluded on a bearish note for today. All the technical indicators give a hint at bearish price movement in the short term. The ZIL/USDT price is still holding above the support at $0.08217.

Furthermore, visit this link if you are interested in the Zilliqa price prediction for the long term.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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