Zilliqa Technical Analysis: ZIL/USD down 12% but daily uptrend still intact
- ZIL/USD dropped to $0.0223 losing 12% of its value in the last 24 hours.
- Zilliqa is under a healthy consolidation period considering the magnitude of its bull run.
Zilliqa is down 12% today on June 17 but up 360% since May 1. It’s no surprise that this gigantic bull run is followed by huge drops. Zilliqa had a peak of $0.0493 on Bitfinex but quickly dipped to $0.0224. The ‘real’ peak happened two days later at $0.0365 which is now the most important resistance level in the short-term.
ZIL/USD daily chart
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Despite the current pullback, Zilliqa remains in a daily uptrend and has defended the daily 12-EMA at $0.0228 although it’s currently trading just below it. A loss of the 12-EMA could indicate a shift in the bullish momentum, however, buyers can still use the 26-EMA at $0.0194 as support.
The daily RSI has cooled off and it’s standing at 49 points. The nearest resistance level was established on June 16 at $0.0277, the high of the day. The next important resistance point can be found at $0.0365, the daily high and $0.04 psychological level. For support, bulls can use the EMAs but there aren’t many other support levels nearby.
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.
