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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

ZILUSD

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.

 

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