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Zilliqa price analysis: ZIL-USD pair takes a hard beating from bears

zilliqa price analysis

Zilliqa price analysis looks very bleak since the (ZIL)/ USD pair has now developed a bearish bias.

This bias is evident across the short-term charts with the price still below the 200-period moving average (MA) on the four-hour time frame.

The chart also shows that the price of the pair is trying to achieve a breakout below current price levels. All technical indicators have turned bearish and indicating momentum towards the sellers.

Zilliqa price analysis: ZIL-USD pair takes a hard beating from bears 1Zilliqa price chart by Trading View

If a breakout occurs, it is expected to be a double-digit move at the least. The relative strength index (RSI) is still bearish and may plunge even lower.

The moving average convergence/divergence (MACD) also remains bearish indicating momentum towards the bears.

Zilliqa price analysis: ZIL-USD pair takes a hard beating from bears 2

Zilliqa price chart by Trading View

Across the medium-term charts, the price is moving below a certain technical resistance and has been for quite some time. The large inverted head and shoulders pattern (bullish) is now becoming invalid as a significant bearish move takes over.

Furthermore, the 50-day MA has fallen below the 200-day MA. This is a heavy bearish signal indicating strong momentum by the sellers.

However, the price action is on a neutral wedge pattern on the daily time-frame. Moreover, the RSI has been rising steadily although it is still below the 50 level and bearish. The MACD is yet unclear and issuing no consistent trading signals.

Zilliqa currently has no price action and a breakout from neutral price action is imminent. All indicators are bearish and indicating sell signals this means that a breakout below is much more likely.

Taha Farooqui

Taha Farooqui

Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.

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