Zilliqa Faces Dual Pressure From Resistance and 200 DMA!
Zilliqa cryptocurrency has marked a strong movement recently but hasn’t been able to breach the previous resistance levels so far. 200 DMA was instrumental in elevating the selling pressure in the last two instances, which can be repeated.
Investors should remain vigilant of the 200 DMA levels. While rejection from this level can initiate selling pressure, it won’t turn into a positive stance until ZIL manages to breach 200 DMA with an apparent candlestick movement. There is a good scope of consolidation near the level.
ZIL has garnered massive traction in the last four years simply because of the features and advantages that it has to offer. The term decentralized is the core ethic of blockchain, and so has Zilliqa become home for multiple decentralized applications. In addition, the last year has offered users a unique advantage of staking and yield farming that provides better returns with the risk of trading on cryptocurrency valuation.
As of October 2021, ZIL ranks among the top 100 cryptocurrencies holding a market capitalization of $1.26 billion. This valuation is calculated on 57% of its circulating supply rather than total ZIL coins.
Zilliqa Price Analysis
ZIL seems to be on a growth path after taking support from the $0.0749 level. The following movement has helped ZIL scale a massive movement of close to 40% within a month. However, the development of a resistance level at $0.1250 could emerge as a decisive rejection level.
The movement of ZIL has been accurate, with the idea of 200 DMA becoming a strong resistance pushing down any upside movement with a furious blow. The rejection and subsequent sell-off from September 07, 2021, were close to the 200 days moving average level. Losing close to 45% in a month wasn’t a good sight, especially for new investors. However, taking support has once again allowed ZIL to reach the 200 DMA level, which has dropped slightly below its previous rejection value.
ZIL is currently trading at the $0.1033 level, which is close to the previous immediate resistance level that it breached on October 25. Such profit booking at every scope of becoming a positive movement could do actual harm to investor interest in this cryptocurrency. RSI has slowly moved towards 60 levels from the neutral stance of 45. The current value of ZIL has reached only after retesting the immediate support level of $0.0863.
Based on Zilliqa price prediction, buyers shouldn’t ideally wait for a breakout or breakdown indicating and start averaging their ZIL investment over a short time period to get a decent buying level for holding.