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Zilliqa (ZIL) Soars to 60%: Will the Rally Be Derailed by Selling Pressure?

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    In the midst of a positive trend in the altcoin market, the price of Zilliqa cryptocurrency has been steadily rising since the start of July. This is happening as Bitcoin holds its ground above the important $30,000 level and forms a promising ‘bull flag’ pattern. Consequently, Zilliqa’s price seems to be aligning with the buy the dip strategy, attracting investors’ attention.

    Following a bounce back from the crucial support level of $0.015, the price of Zilliqa’s native token, ZIL, has been on a continuous upward trajectory. This positive movement comes after a period of aggressive selling characterized by a double-top pattern.

    At the time of writing, Zilliqa token is trading above the support trendline, holding steady at $0.0241 and showing an impressive overnight gain of 11%. Over the past three weeks, buyers have taken control, leading to a substantial recovery of nearly 60%, pushing the token’s price from $0.0155 to $0.025.

    As per data from CoinMarketCap, there has been a notable accumulation of Zilliqa cryptocurrency by buyers in the past 24 hours, with trading volume spiking by an impressive 180% to reach $80 million. As a result, the Volume Oscillator indicates a rise in buying activity, potentially paving the way for a breakthrough of the immediate resistance level at $0.025.

    Following a sustained upward movement, there seems to be a lack of buying pressure today, causing the ZIL token to retrace just below the 100-day and 200-day simple moving averages. Furthermore, it is possible that bears might make an attempt to sell near the 200-day SMA.

    The RSI is currently hovering around the 66 range and nearing the overbought zone. Likewise, the MACD indicator has entered positive territory, signaling a bullish scenario for the ZIL token. The next course of action will be to observe whether the bulls can successfully surpass this 200-day SMA resistance.

    Pawan is a technical content writer and trader with a keen interest in financial market trends and cryptocurrencies. With over two years of experience in the crypto sector, Pawan is well-versed in trading, market analysis, blockchain, and research. With a keen eye for detail, Pawan has the ability to curate value-driven and crisp article pieces such as news articles, price predictions, technical writing, DAOs, and all-around crypto.


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