Lorenzo Stroe
Independent Analyst
- Zilliqa price is up by 162% since November and almost 2,000% year-to-date.
- The digital asset might be poised for a short-term correction, according to a critical indicator.
Zilliqa has been trading inside a robust uptrend on the daily chart since November and has outperformed Bitcoin in the past week, gaining almost 50% and hitting a new 2020-high at $0.0434.
Zilliqa faces a short-term correction
On the 12-hour chart, the TD Sequential indicator has just presented a sell signal which has proven to be extremely accurate in the past leading the digital asset into 15-20% corrections.
ZIL/USD 12-hour chart
Additionally, on the daily chart, the RSI has reached overextended levels again which has also been an accurate indicator in the past of upcoming pullbacks. The last two times, Zilliqa price dropped by 39% and 17% respectively. Another correction could lead the digital asset towards the 26-EMA at $0.032.
ZIL/USD daily chart
However, as there is very little resistance on the way up and bulls have defended the 26-EMA support level for a long time, Zilliqa price could simply continue surging higher, targeting the psychological level at $0.05.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ripple's XRP breaks out of downtrend as RLUSD receives greenlight from New York regulators
Ripple's CEO Brad Garlinghouse announced on Tuesday that the company received a green light from the New York Department of Financial Services on the launch of its stablecoin RLUSD.
Could Google's supercomputer crack Bitcoin? Crypto community maintains positive outlook
Bitcoin faced mixed sentiments on Tuesday after crypto community members spoke on the potential of Google's new quantum chip Willow's ability to crack blockchain networks and render the security of public key cryptography useless.
Crypto Today: Microsoft Rejects Bitcoin Reserve Plan, as Cardano, XRP Lead Market Rebound
Amid an escalating geopolitical crisis, the global crypto market crash on Monday saw over $1.5 billion worth of liquidations, triggering double-digit losses across top-ranked digital assets.
Litecoin Price Prediction: LTC to hold $100 support as traders deploy $10M of leverage
Litecoin price broke below the $110 level on Tuesday, down 20% in a frenetic 24 hours as rising geopolitical risks triggered volatility across global crypto markets.
Bitcoin: Long-awaited $100K milestone meets profit taking
Bitcoin ends the working week hovering around $98,000 after a very volatile Thursday when it surpassed the $100K milestone and underwent a sharp correction. Strong institutional demand, whale accumulation, and the choice of a pro-crypto figure to lead the US SEC fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.