Zilliqa is currently in a bearish trend and the Bulls must take control in order to prevent further declines in its price. The coin’s price has dropped by 5.02% in the last intraday trading session and it is currently hovering at $0.03028 (at press time). The Relative Strength Index (RSI) is at 57.10 and it is on the edge of the overbought region. This presents an opportunity for the Bears to take control and try to drive the price down to the primary support of $0.02586, and the secondary support of $0.02238.
The increase in volume is a positive sign indicating a decrease in selling pressure. The volumes have increased by about 93.57%, which is a great sign for investors. The coin has surpassed all the exponential moving averages of 20, 50 and 100 days, but it is still trailing the 200-day moving average. The MACD and MACD Signal have crossed over in a positive manner.
The traders who are interested in trading Zilliqa should stay cautious and monitor the market closely. They need to be aware of both the support and resistance levels, which are $0.02586 and $0.02238 and $0.03551 and $0.03968 respectively. If the Bulls manage to prevail and the Bears fail to push the price down, the price could potentially rise to the levels of $0.03551 and $0.03968.
The crypto-space is currently in a state of flux and Zilliqa is no exception. The future of this crypto is entirely dependent on whether the Bulls can outsmart the Bears. The investors who are interested in trading this coin need to keep an eye out on the market closely and make their moves carefully.
Adele Foster
- 2023-04-02
Analyzing Zilliqa's Bearish Trend and the Possibility of Bulls Taking Over
Zilliqa is currently in a bearish trend and the Bulls must take control in order to prevent further declines in its price. The increase in volume is a positive sign indicating a decrease in selling pressure. This article discusses the current situation of Zilliqa and investors need to keep an eye out on the market closely and make their moves carefully.
