- ZIL/USD is trading below an important trendline support
- The coin may see more downward price action in the comic sessions
- RSI will likely in the oversold region for Zilliqa
Zilliqa News Today – the digital asset market is still fluctuating and is unable to sustain any serious bull-run in recent weeks. All thanks to the ongoing coronavirus pandemic that has hit the global financial markets and the asset class isn’t exempted. Today the digital asset in focus is Zilliqa.
Zilliqa is currently in moving in circles according to the daily chart. It seems the digital asset is set may have shifted into the upside despite previous predictions suggesting that it will keep moving down in the coming sessions. But on the last day, the coin is in the green having posted over 4.69% gains. The prediction was issued after the coins price broke an important trendline support area in the last 24-hours of trade. Let us see more about how Zilliqa performed the in last 24-hours.
The Price of Zilliqa is Currently in Bullish Region
The price of Zilliqa is currently trading below an important trend line which is where its support levels were holding up the pattern. At press time, the Zilliqa price is trading below these support areas, meaning that the coins’ price action is currently bearish despite posting gains today. In the coming sessions, we can anticipate a consolidation for the digital asset. This will determine its next move. Either it goes further upward or to the downside.
If the ZIL/USD trading pair falls below the 55-day Exponential Moving Average, then it means the bears are still in control and will continue to take the value of the coin further downward. At press time the price of Zilliqa was trading at $0.019660. The digital asset has gained 4.69% on the day. Zilliqa has a total market cap of $200,904,734 and a 24-hour trading volume of $112,081,424 at the time of writing.
RSI for ZIL/USD is Currently in the Oversold Area
The RSI for ZIL/USD is currently consolidating in the middle line. This means the RSI for the digital asset can remain in the oversold region. Meanwhile, the MACD for ZIL/USD has made a bearish crossover. Despite the current gains over the last 24-hours, the crossover seems highly bearish. The price action for the digital asset is bearish and it could go to the downside at any minute. The market is highly unstable so this outlook may play out for ZIL/USD. Zilliqa is centered around the Sharding. It was originally designed to boost the scalability of Blockchain and crypto networks like Ethereum.