Zilliqa (ZIL) Draws a Bearish divergence below $0.0200
Zilliqa’s first DEX, built by Switcheo, Zilswap, was launched successfully at the ongoing week’s onset. Zilswap is a completely on-chain, decentralized exchange running on a high performing, scalable blockchain that is scalable—Zilliqa.
Zilswap is likely to be the entry point in upgrading the platform for Decentralized Finance (DeFi). This will lead to trading crypto for the first time on Zilliqa blockchain as Zilswap uses a constant product automated market maker, which happens to be quite similar to Uniswap.
🗣 We have just launched ✨ #Zilswap ✨ – @Zilliqa's first #DEX built by #Switcheo 😎 and we couldn't be more excited!
👉🏽 Head over to our blog to learn more about Zilswap, and how you can start trading on the platform today! ✅ https://t.co/3ZVeYxrbOa
— Switcheo Labs (@SwitcheoLabs) October 5, 2020
Zilswap is that upgrade of Zilliqa that will lead to making it the most lucrative platform amongst the top 100 of the global market. In this regard, it was just two days back when Zilliqa recorded 8 million transactions in 9 months after their mainnet launch that happened on January 31, 2019. This is not just a number but a victory for the platform so far, and Zilswap is likely to lead to an even amplified number by the end of this year.
8 million transactions already when we just hit 7 million…? No brakes for $ZIL 📈
– MS pic.twitter.com/sVev2F5czp
— Zilliqa (@zilliqa) October 6, 2020
With regard to platform composure and enough reach, Zilliqa is one of the top 10 altcoins as per LunarCrush Social Listening for cryptocurrencies.
Top 10 coins by AltRank™ as of 10:10PM UTC Wed, Oct 7 on https://t.co/yjRT0lx8PN$VET #vechain$REN #renprotocol$BNT #bancor$OCEAN #oceanprotocol$EGLD #elrond$ALGO #algorand$THETA #thetatoken$SRM #serum$ZIL #zilliqa$SOL #solana pic.twitter.com/Upr8xkccSo
— LunarCrush (@LunarCrush) October 7, 2020
Zilliqa Price Analysis
Zilliqa, at the time of penning down this analysis, was seen trading at $0.0182 and draw a bearish crossover in the intraday and has dropped from trading above $0.0218 to sliding below $0.0200. It has been facing a dearth of momentum with stringent resistance at $0.030 over the past four months.
However, with the intraday pullback, ZIL/USD is now close to breaching the lower band on the 8-hourly chart. As the bands are seen moderately squeezing on the hourly chart and hold a possibility of a short-term breakout soon. The coin holds support from MA50 at $0.0171 but lacks long-term support from MA200 at $0.0194. You should check our Zilliqa Forecast for Next 5 years if you are planning for the long-term investment.
With intraday pullback from trading around $0.021 to trading below $0.020 at $0.0180 and therefore, the MACD holds a bearish divergence. The RSI of Zilliqa is seen nosediving from the overbought region and is currently lying at 48.60. However, if the price pulls down even below $0.015, it will crash the major support due to a lack of momentum.
