Zilliqa Technical Analysis: ZIL/USD instant 105% price spike on Bitfinex only lasted one minute
- ZIL/USD spiked to $0.0493 in less than 1 minute on Bitfinex.
- The spike was short-lived and the price fell back down to $0.0236 in the next few minutes.
A massive spike took Zilliqa up to $0.0493 today, on June 8. The move only happened on Bitfinex which means it was most likely someone buying an enormous amount of ZIL coins. ZIL/USD has been in a daily uptrend for the past two months. It’s unclear whether the buyer meant to manipulate the market or simply put a market buy order that was too big for Bitfinex’s volume to handle.
ZIL/USD daily chart
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Obviously, the candlestick we see now is only a product of that spike. Ignoring this spike, Zilliqa remains strong and trading above the 12-EMA at $0.0179 and the 26-EMA at $0.0145. If ZIL starts consolidating, bulls will look at both EMAs for support.
ZIL/USD weekly chart
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The RSI is extremely overextended and indicates that Zilliqa is bound to consolidate eventually. Bulls have managed to break above several weekly resistances and the 12-EMA crossed on top of the 26-EMA forming a bullish cross, the first one in over a year.
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.
