As per technical analysis, Zilliqa is a blockchain network that is fast, cost-efficient, and aids in digital transformation across the globe. It is a safe and highly scalable platform for users who wish to build innovative decentralized applications. It facilitates eco-friendly dual-mining too. ZIL is the native token of this ecosystem.
On March 27, 2021, ZIL started trading at $0.17. As of April 2, 2021, the closing price of ZIL was $0.2. Thus, in the past week, the ZIL price has surged by approximately 18%. In the last 24 hours, ZIL traded between $0.18-$0.21.
Day-Ahead and Tomorrow
Currently, ZIL is trading at $0.196. The price has decreased from the opening price of $0.202. Thus, the market looks bearish.
The A/D indicator is tapering down. Thus, whale distribution is higher than whale accumulation. Hence, high selling activity will exert downward pressure on the ZIL price. Thus, we can expect the price to go down further.
The MACD and signal lines are negative. However, a bullish crossover by the MACD line over the signal line has occurred. They are close to the zero line and may change signs soon. So, there may be a trend reversal on the horizon. Hence, we can expect the price to rise after some time.
The RSI is presently at 52%. It faced rejection at 55% and fell to this level. Thus, selling pressures are high. Hence, we can expect the price to drop further.
ZIL Technical Analysis
As per technical analysis, the price is currently trading exactly at the Fibonacci pivot point of $0.196. As the oscillators are indicating a bearish trend, the price may soon fall below the first support level of $0.18.
The price has tested and fallen below the 38.2% FIB retracement level of $0.198. By day end, if the price retests and breaks out of the 23.6% FIB retracement level of $0.203, we can be assured that the market trend is bullish. In that case, the price uptrend will continue tomorrow as well.