Zilliqa (ZIL) Attempts to Retest Its 100 DMA Levels
At the same time, using proof of work to assign node identities and generate shards. Zilliqa is secured by the unique Byzantine Fault Tolerance, a consensus type protocol that requires an approving nod from two-third of the nodes to be added into the blockchain. If that wasn’t enough, Zilliqa even developed a native language for creating smart contracts.
ZIL currently ranks at the 84th position in market capitalization with a valuation of around $1 billion at just 56% of the circulating supply. Since the last year, Zilliqa has become home to multiple decentralized applications, even accommodating staking and yield farming.
ZIL Price Analysis
Since September 07, ensuring profit booking has pushed the value from above $0.1365 to the lows of $0.0750, calculated to be 45% profit booking. This sell-off broke all critical support levels, be it swing supports or moving average-based supports. This price action of Zilliqa has pushed back the buying sentiment to new low levels as ZIL tests new lows each month.
Zilliqa is amongst the most trending blockchain in the dapps and smart contracts domain. Unfortunately, the ZIL token has fallen to the current levels in a powerful negative trend.
Profit booking followed by consolidation followed by downside breakout and breaching lower support levels has become the trend for ZIL. After consolidating above its immediate support level of $0.0944, consistent profit booking pushed down the ZIL value by a tone. As a result, September 20, 2021, became a primary source of disappointment for ZIL enthusiasts, as it broke two crucial support levels.
After breaking the support level of $0.0944, it has now become an active resistance hampering the retracement attempts by buyers. Subsequent rejection from the level has created a panic situation, but the last two days of buying action have helped the ZIL price reach close to the 100 DMA level of $0.09. Unfortunately, RSI at the current level shows little sign of improvement and marks a level of 45 on the histogram charts.
On top of the negative sentiment, bounce back of RSI level, and chances of a golden crossover on MACD indicator will be a significant sentiment enhancer for pushing the price of Zilliqa above its previous support levels of 100 and 200 days.
ZIL has had a distinct chart pattern of marking lower lows for the last week. On a weekly view of hourly candlesticks, we expect a recovery from ground levels with a strong buying sentiment capable of reclaiming $0.10 levels and $0.120 levels. In addition, RSI is decently stronger, indicating a superb buying at hourly charts. Our Zilliqa price predictions indicate a better opportunity to make entry into ZIL.