Zilliqa claimed itself as the first public blockchain that runs through the shared network. As a result, users can achieve a high rate of transactions per second to solve the scalability problem. Therefore, this network would be a blessing for more significant blockchain users like enterprises, gaming industries, financial service providers and payment processors. Since its inception, Zilliqa has processed more than 1 million transactions each month, where the scaling and the production of 900 blocks each day are signs of the growing price of its native token, ZIL.
The sudden pump in the ZIL/USDT price came after the launch of ZIL metaverse and partnership with some other firms. As a result, the coin provided a 381% gain from 27 March 2022 to 1 April 2022. However, the price found 0.2300 level as resistance and moved lower by almost 46%. Moreover, the trading volume for the last 24 hours came 26% down to $884,710,310,
Let’s look at Zilliqa (ZIL) Price Prediction today from ZIL technical analysis.
Zilliqa (ZIL) Formed A Golden Cross
In the ZIL/USDT daily chart, the dynamic 50 EMA crossed over the 200 SMA while the price remained above both lines. It is a clear indicator of the golden cross, which is an important price metric for cryptocurrency trading. Any golden cross or death cross in cryptocurrencies provides a strong sign of trend change where the ZIL/USDT price is likely to shift the direction from bearish to bullish.
This technical analysis shows how the price remains stable above the dynamic 50 EMA support, where a bearish correction is still pending. On the other hand, the RSI changed its direction from bullish to bearish after testing the overbought 70 level.
In this Zilliqa Price Prediction, the bullish gain is solid as long as bulls hold the price above the dynamic 50 EMA. In that case, any bullish rejection from 0.1157 to 0.0962 zone would be a substantial bullish opportunity where the primary aim is to test the 0.0.1760 level in the coming days.
Zilliqa (ZIL) Ichimoku Cloud Analysis
The overall outlook in the ZIL/USDT H4 chart is bearish, as the price moved below the Kumo Cloud while the future cloud is bullish. Senkou Span A is below the Senkou Span B in the future cloud, indicating that the price may face strong resistance in the coming session. However, the speed of the bearish pressure below the cloud resistance is still corrective, which is the major challenge for bulls.
The above technical analysis represents a corrective Traders Dynamic Index (TDI) line with fewer investors' activity in the price. However, the current TDI level is below the neutral 50 areas, while the price faces a minor resistance from dynamic Tenkan Sen and Kijun Sen.
Based on the H4 ZIL Price Prediction, any bearish rejection from dynamic Kijun Sen or static 0.1383 level with a bearish H4 candle below the dynamic Tenkan Sen would be a selling point for this pair. In that case, the primary aim is to test the 0.0962 level before showing any buying sign. On the other hand, a rebound above the Kumoc Cloud might alter the current market context and initiate a broader correction in the price.
Zilliqa (ZIL) Intraday Price Action Analysis
In the intraday chart of ZIL/USDT, the broader market direction is still bullish even if the current price trades below the 0.1383 static level. The price became corrective below the dynamic 20 EMA and moved within a bearish channel where any bullish breakout with an H4 close above the 0.1386 would be a buying point in this pair.
The above technical analysis shows a corrective bearish pressure where the MACD Histogram is neutral at the zero level. Moreover, the MACD line moves up while the price moves down, indicating a divergence. The most recent high volume levels are also closer to the price, indicating less trading activity.
Based on the current ZIL Price forecast, the upcoming price direction for this pair is bearish as the current price trades below the dynamic weekly VWAP. However, an immediate shift of the trend with an H4 close above the 0.1383 level would increase the buying possibility towards the 0.1763 level.
Is Zilliqa (ZIL) A Buy?
According to the Zilliqa (ZIL) Coin Price Prediction, ZIL/USDT is more likely to move down until it shows any bullish rejection in the intraday chart with a new swing high. As the broader market context is bullish from the golden cross, any bullish sign in the intraday chart may work as a key price driver for bulls.
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