Zilliqa, just like major altcoins of the market, is trading in red with a cumulative dip recorded since the past week now and currently trades at $0.0330. With lack of traction in the market, Zilliqa, along with Ethereum, XRP, Dogecoin price lacks momentum and has therefore pulled back below $0.035 and from the recent YTD high hit above $0.036.
Zilliqa started strengthening at the beginning of the previous month, and within six weeks, it strengthened by over 120% from trading as low as $0.0169 to hitting the YTD high at $0.00369. Although the ZIL coin trades in red, we cannot ignore that it has enough potential to reconcile and retrieve its lost position above $0.035.
Zilliqa Price Analysis
At the press time, ZIL price was seen trading at $0.0329 after having declined over the past week from the YTD high hit above $0.035 at $0.0369. However, following the market sentiment, Zilliqa lost a subsequent amount but is retaining support from daily MAs at $0.0246 and $0.0207, from 50-day and 200-day, respectively. The Bollinger bands are seen widening, and it was in the previous week when the price trend of Zilliqa was seen hitting the upper BB, and a volatile movement coexists.
On the other hand, if we take a glimpse of the above chart, we see that the Zilliqa extended its gain with two uptrends against the US Dollar, starting from the low of $0.016 to the YTD high before the recent correction. The intraday, however, leads to drawing a slight bullish divergence on the MACD chart, but the bearish sentiment is not yet eliminated.