Zilliqa Is in Its Recovery Phase; Should You Buy ZIL Now?

Zilliqa has been moving sideways between the price range of $0.061 and $0.029 for the past few days, with the current market price of $0.038. On June 21, the price significantly increased as it turned from the lower horizontal line. The ZIL token has been moving in a consolidated trend because neither the bulls nor the bears could take a sturdy price action.

After reaching a 52-week low of $0.029, the ZIL price has started the recovery phase. The Zilliqa coin may surge towards the recent resistance of $0.061 as the coin has constantly been declining to form a curve while turning from its 52-week low.

There has been a bullish divergence between the price and the RSI indicator on the 4-hour time frame chart suggesting a bullish opportunity if the bulls show positive sentiments for the hike. Read our Zilliqa price predictions to know if the bullish move will continue or not!

ZIL Price Analysis

The ZIL price has entered the oversold zone and may head towards the overbought zone if the price continues to rise. The RSI indicator at 43 shows a neutral trend. The price is moving between Bollinger Bands after turning from the lower band. The Bollinger Bands being narrow show less volatility in the market.

The token’s value got tested several times at the lower band but did not decline. Once the price breaks the resistance of $0.061, a strong bullish momentum can be expected in the long run, and the token may reach its higher highs.

Zilliqa is facing buying pressure as the trading volume favored bulls. The buyers should put more pressure on a breakout from the sideways channel and an uptrend move of the token.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

Related Articles

Back to top button