ZIL’s price shows strength for the first time after a long while.
ZIL bounces from the downtrend, hoping to end its bearish run as the price eyes a possible breakout from the downtrend.
The price of ZIL shows bullish signs as the price cracks a 5% gain despite trading below 50 and 200 Exponential Moving Averages (EMA) with good volume.
The price of Zilliqa (ZIL) has been one of the best performances in the early part of the year as many talked so much about its metaverse project “Metapolis” with huge partnerships. The price of Zilliqa at a time complimented the hype around this crypto asset, with the price rallying from a low of $0.03 to a high of $0.2 against tether (USDT). Despite the crypto market facing a new drawback as Bitcoin (BTC) price dropped from a region of $19,000 to $18,100 as the Consumer Price Index (CPI) suggests an increase in inflation affecting the price of BTC negatively with altcoins affected, with recovery from BTC altcoins like ZIL showed some strength. (Data from Binance)
Zilliqa (ZIL) Price Analysis On The Weekly Chart
Although the crypto market fell sharply due to the CPI news, the market appeared to be manipulated, with Bitcoin (BTC) dropping from $19,200 to $18,200 in hours. The market quickly recovered as most altcoins began to show strength, with ZIL attempting to bounce off from its low of $0.028.
With the recent rise in the value of Bitcoin Dominance (BTC.D) after a long period of decline, it is unclear how long the current price bounce will last. With BTC.D rising, most altcoins will see a price drop when BTC retraces.
ZIL’s price has had a tough time after its launch of Metapolis, with the price hitting a downtrend with no sign of a recovery. The price of ZIL retraced to a low of $0.029; the price bounced off from this region to a high of $0.04 but was rejected from this region with no recovery sign on the weekly timeframe.
Weekly resistance for the price of ZIL – $0.04.
Weekly support for the price of ZIL – $0.027.
Price Analysis Of ZIL On The Daily (1D) Chart
Daily ZIL Price Chart | Source: ZILUSDT On Tradingview.com
The daily timeframe for the price of ZIL doesn’t look so good as the price has tried on several occasions to break out of the downtrend as the price has formed a downtrend line acting as resistance for ZIL’s price.
ZIL’s price needs to break out of its downtrend with good volume and reclaim the resistance at $0.035 for the price to have a relief rally. Zilliqa is a good project with a real use case; the current market state has affected the price, but this is a crypto asset with less attention lately.
Daily resistance for the price of ZIL – $0.035-$0.04.
Daily support for the price of ZIL – $0.027.
Featured Image From Cryptonomist, Charts From TradingviewNewsBTC