- The Zilliqa coin saw a sharp rise on 26 March, where the bulls reclaimed around 99.6% of the cost in a single day.
- The zilliqa coin is trading above the significant moving averages (such as 20,50,100 and 200 EMA) over the daily price chart.
- The Zilliqa coin belonging to the bitcoin pair is trading at 0.0000002126 Satoshis, up by 1.13%.
On March 26, Zilliqa’s coin saw a sharp rise of 99.6% in one day. Prior to the recovery, the bulls failed to propel the ZIL token several times but it barely managed to move above the $0.03700 level, resulting in the price action forming a triple bottom on the hourly time frame.
As per the Volume Profile Visible Range (VPVR) indicator, the current ZIL price is close to the crucial $0.110 level, where the VPVR’s highest peak (red line) is. Nevertheless, the price of the coin was trading up 2.1% at $0.11014 at the time of this writing. Furthermore, the Zilliqa coin belonging to the bitcoin pair is currently trading at 0.0000002126 Satoshis with an increase of 1.13%.
The Super Trend Indicator has indicated bullish momentum with the ZIL coin price rising by around 9% on 23rd March. However, since the last 4 trading sessions, the Zilliqa coin has remained highly volatile. Despite the high liquidations, the coin saw a 55% drop in trading volume compared to the previous night. Nevertheless, the volume to market capitalization ratio is gradually increasing and is now at 0.9872 (close to 1).
Bears are defending the $0.110 level
Over the daily price chart the zilliqa coin trades above significant moving averages (including 20,50,100 and 200 EMA). To stay in bullish territory bulls have to maintain a daily price chart above 200-EMA.
Stoch RSI formed a high-low on the daily price graph and the moving line now looks flat in the overbought zone.
The Average Volume Index (ADX) is rising sharply and is now at the 37-point mark, indicating strong momentum during a bullish trend.
Conclusion
Zilliqa coin investors need to break the $0.110 level as soon as possible, below which short-sellers may again turn aggressive. If the price turns lower then $0.056 will be a solid support level.
Support level – $0.040 and $0.030
Resistance level – $0.110 and $0.140
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.