Zilliqa price on the cusp of a short-term reversal as technicals flash sell signal
- Zilliqa price could be on the verge of a pullback towards $0.051.
- A significant indicator has presented a sell signal in the short-term for ZIL.
Zilliqa has been trading inside a robust uptrend on basically all time frames, but it might need to see a short-term correction before resuming the uptrend. The digital asset is one of the few that remains positive in the past 24 hours, while the market enters a consolidation period.
Zilliqa price might need to drop towards $0.051
On the 4-hour chart, the TD Sequential indicator has just presented a sell signal for the first time since December 19 which turned out to be quite accurate. If the call is confirmed, Zilliqa price could dive towards the 26-EMA support level at $0.051.
ZIL/USD 4-hour chart
Similarly, on the 3-hour chart, the TD Sequential indicator already presented the same sell signal and Zilliqa price just got rejected from $0.064 after a small attempt to resume the uptrend.
ZIL/USD 3-hour chart
Despite the sell signals, it’s important to remember that Zilliqa remains inside a robust uptrend and faces very little resistance to the upside. The next potential price target for the bulls would be the psychological level at $0.07 if the trend continues.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
