Zilliqa (ZIL) Faces Tough Resistance at 100 DMA Line!
Zilliqa has finally met its nemesis, one that can put a halt to its juggernaut rally. 100 day moving average is a strong line that determines the sentiment on an asset and is calculated over the price action of the last 100 days. Breaking such a resistance further brings buying sentiment as it would indicate a bullish movement in the shorter run.
ZIL has for far consolidated, broken its immediate resistance line, and is headed to take on the 100 DMA line. We can expect a small amount of retracement or negative candle in the shorter run, but this resistance will not be broken in one attempt. On the support front, there is a strong buying demand in the zone starting from $0.0765 to $0.0842.
Zilliqa Price Analysis
ZIL has an upside target of much higher levels and faces no immediate technical resistance on its path to $0.1393 levels. After taking support from the year low levels of $0.0509, we expect the current trend to continue, as there is no technical resistances in the current zones.
From technical indicators we expect ZIL to continue moving upside after taking support from its 100 Day Moving Average. The downside is capped at $0.0529 with immediate supports available at $0.0800 levels. RSI is also indicating signs of immense buying coupled with the substantially increasing volumes on the charts.
Although there have been some red candles amidst the rally, it simply dictates the fact that Zilliqa has been undergoing frequent profit-booking. Such activity is considered good for the buying sentiment as there is less scope for out-of-the-blue profit booking as per our ZIL price prediction.
Moreover, the lower climbing angle indicates a sustainable rally. Closing above the upcoming resistance level could bring back a fresh round of up move as investors might attempt to buy at those levels with their fear of missing out on a strong up move.
After consolidating at the higher levels of $0.1050, Zilliqa fell back to retest its previous swing high. After retesting the support at $0.0984, ZIL has once again resumed its uptrend rally. On hourly charts, we expect Zilliqa’s price to continue moving upwards.
On the MACD indicator, we can clearly see the easing negative move indicated by a lighter red candle on the histogram graph. ZIL should be able to take support from the levels to retest the recent high created around $0.1068. It is down by 2.3% at the time of analyzing its price momentum.
