ZIL Technical Analysis – September 2021
Zilliqa has been on the rise for more than a month. In only the last month, its price has increased by more than 70%. ZIL recently reached $0.137 due to a price breakout. It is expected that this price might be corrected in the coming days if ZIL wants to maintain its bullish nature throughout this month.
In the weekly analysis of ZIL, we have seen its price increase by more than 30%. This has made ZIL quite profitable if traders bought at the previous support at $0.104. ZIL might have a pullback in the coming days of this week before continuing its bullish run.
In an intraday chart, ZIL has been quite volatile, and its price has slightly declined. In a 1-hour chart, a bearish engulfing candlestick pattern suggests that the price might keep declining in the coming hours.
The 20-day moving average is below the price, indicating that the trend might continue and that ZIL might find support at the MA line. As for the 9-day moving average, it is closer to the price, but it is still below it and might be another indication that this trend might continue in the coming days, even if a pullback occurs.
The moving average exponential of a 9-day length is also suggesting a trend continuation as it is moving below the current price of ZIL.
Relative Strength Index
The relative strength index was recently above 70, indicating that ZIL was overbought. Responding to that, traders started selling ZIL and the current RSI is now at 66. If ZIL is to have a correction, then this RSI might drop even lower, creating even more room for growth in the price of ZIL.
The MACD has recently exceeded the signal line, and it is above its baseline. This indicates that the current momentum of ZIL is bullish and that its price may keep increasing in the following weeks.
Drawing the Fibonacci levels from the beginning of Zilliqa’s uptrend, we can notice that the price might still retrace to the 23.6% level, just below the projected support structure. The 38.2% level might also prove to be a solid support structure since it also aligns with previous support levels. If ZIL finds support and retests resistance at $0.137, then we might see ZIL aiming for the -23.6% level in the longer run.
Price Prediction Zilliqa – September 2021
Based on this technical analysis, Zilliqa might maintain its bullish run, but its price is likely to be corrected in the coming days due to the RSI being high and the resistance at $0.137. Nevertheless, the trend is still ascending. We might see ZIL attempt to go further than $0.15 in the following weeks.
Latest News for Zilliqa – Affecting Price
Zilliqa is one of the best networks when it comes to NFTs. One of the biggest reasons why ZIL is now on the constant rise is the rise in the popularity of NFTs. Furthermore, DeFi features in Zilliqa have limited the circulating supply of ZIL, making it even scarcer and causing its price to surge upwards.
Also Read: Zilliqa Price Prediction 2021 and Beyond – Is ZIL a Good Investment?