Zilliqa (ZIL) is seen as one of the steadiest cryptos in the market and has shown bullish potential for months now. Despite seeing some swings over the past weeks, the crypto has been able to remain resilient and sustain its momentum in the overall crypto market. Recently, the crypto's price observed an uptrend of 5.20% in the intraday trading session and continued past $0.033. This shows that the bulls have a strong influence on the market, although the bears are waiting to pounce.

The strong influence of the bulls has also resulted in a substantial increase in the ZIL's trading volume by 68.59%. This indicates that the selling pressure of the bears has lessened, giving the buyers a better chance to acquire more Zilliqa coins. The volume-to-market cap ratio is currently observed at 0.1852, which also confirms that the bulls have the upper hand.

Source: ZIL/USD by TradingView

Technical analysis also indicates that the Relative Strength Index (RSI) is gradually getting close to the overbought zone. On the other side, the ZIL price is now trading above the 20, 50, 100, and 200 Daily Moving Averages. This indicates that the bulls have a clear pathway to further elevate the price in the future.

When looking at the outlook of the current price trend, investors should keep in mind the resistance levels of $0.0355 and $0.0396 and support levels of $0.0290 and $0.0255. However, how effectively the bears will endeavor to reverse the trend remains unclear. That said, the investors should still be on the lookout for any sudden shifts in the prices of Zilliqa.

In conclusion, Zilliqa has made an impressive climb in the crypto market and is expected to increase more in the coming days. The current bullish trend suggests that the bulls are trying to reach higher price points. With the reduction in the selling pressure of the bears, the crypto is ready to make major strides in the coming days. Nevertheless, investors should always be aware of the risks and keep a close watch on the market movements to ensure full protection of their investments.



Other News from Today