ZIL Technical Analysis – October 2021
Over the last 30 days, ZIL has been bearish and decreased by around 45%. ZIL was then supported at $0.075. After that, the price started increasing again, broke previous highs, and began an uptrend. It increased by 44%.
In the last 7 days, ZIL has increased by around 28%. The price recently faced resistance at $0.1. After that, the price had a pullback, and the new high in a 1-hour chart is below the previous high, indicating bearish momentum. Nonetheless, ZIL is bullish in the short run.
In an intraday chart, ZIL has been bearish and has declined by around 7%. ZIL might soon find support at around $0.096.
Due to the recent price increase, the 20-day moving average is below the price, indicating a bullish trend and that the price of ZIL could keep increasing. The MA line might act as support in the coming days.
The 9-day EMA is also below the price and could act as support as the trend is upward and the price could increase in the short run.
Relative Strength Index
The RSI of a daily chart declined recently due to the recent pullback, but it is still slightly above 50, indicating bullish momentum and quite some room for growth for the coming days. Similar can be said about a 4-hour chart, where the price was recently in the overbought region and has declined close to 50.
While still below the baseline, the MACD line in a daily chart has surpassed the signal line by quite a margin, indicating that the momentum now is bullish and that the price might keep increasing in the coming days. In a 4-hour chart, the MACD line has recently moved below the signal line and is now heading below the baseline, suggesting bearish tendencies in the shorter run.
Fear & Greed
The fear and greed indicator in a 4-hour chart suggests that the current emotion of ZIL traders is fear, which could see the price of ZIL decrease in the coming hours.
Looking at the Fibonacci levels, we could see that the price initially retraced to 78.6%. Traders anticipated ZIL to retest resistance at $0.1, but it encountered resistance at 38.2%, meaning that Fibonacci was not respected in this case. The current price is retesting support at $0.096.
Price Prediction ZIL – October 2021
Based on this technical analysis on Zilliqa (ZIL), we could see its price increase again if it finds support at the projected structures in the coming hours. If that happens, ZIL could retest resistance at $0.01, and if broken, then ZIL could go as high as $0.12 in the short run.
Latest News for ZIL – Affecting Price
The Zilliqa ecosystem has been quite active in the NFT marketplace. With ‘Bear’ NFTs being implemented by Zilliqa, its price could hugely increase in the coming weeks as NFTs are becoming one of the greatest assets of the recent technological era.
Also read: Zilliqa Price Prediction 2021 and Beyond – Is ZIL a Good Investment?