Will Zilliqa Ever Hit Twenty Two Cents Again
Zilliqa looks ready to have a slight dip earlier advancing farther.
Cardinal Takeaways
- Zilliqa has risen by near 370% over the by week.
- Now, sell signals are appearing.
- A fasten in profit-taking could push ZIL to $0.155.
Zilliqa has soared in price over the by week. Although trading volumes remain high, several signals betoken to a brief correction in the most future.
Zilliqa Looks Primed to Retrace
Zilliqa has outperformed the rest of the cryptocurrency market place over the past few days, only the technicals testify that a spike in profit-taking could be underway.
The Layer i token has been on a roll lately, surging by nearly 370% over the past week. ZIL entered a parabolic rally last calendar week when the project announced a partnership with Agora for its Metaverse as a Service platform, Metapolis.
ZIL was trading at a low of $0.047 and went on to striking a loftier of $0.22. Given the magnitude of the breakout, several technical indicators advise that the token is now sitting in overbought territory.
The Tom DeMark Sequential indicator has presented a sell betoken on Zilliqa's iv-hour nautical chart. The bearish germination developed every bit a dark-green nine candlestick, which is indicative of a one to four candlesticks correction. A fasten in selling pressure could validate the pessimistic outlook, pushing ZIL to $0.155 or fifty-fifty $0.13.
Moreover, a bearish difference betwixt Zilliqa's cost and the Relative Strength Alphabetize has formed on the 4-hour chart. While ZIL has been making a serial of higher highs, the RSI has been trending down. Such market beliefs is indicative of waning bullish momentum.
Despite the mounting sell signals edifice on Zilliqa'due south iv-60 minutes nautical chart, traders will be looking out for some other bullish breakout. A decisive candlestick close above the contempo high at $0.22 could accept the force to invalidate the brusque-term pessimistic outlook and pb to further gains. Breaching the critical resistance area could push ZIL toward $0.28 or higher.
Disclosure: At the time of writing, the author of this slice endemic BTC and ETH.
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Source: https://cryptobriefing.com/zilliqa-metaverse-hype-ensues-but-zil-looks-exhausted/
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