Zilliqa is not having a great day. It’s trading in the red zone. 0.87% and 3.54% daily and weekly, respectively. Those are not terribly bad numbers for sure, but they do remain red at a moment in which almost everybody else is at least slightly green.
But the current losses in ZIL don’t tell the whole story. The coin’s price sunk to $0.018 only a few days ago and it’s been recovering steadily ever since. It’s currently trading at 0,020454, and it’s been somewhat stable at that level for a while already.
Stable is the opposite of “trendy,” of course. The currency seems stuck at 0,0211, and it isn’t apparent what could shake things up a bit so that a discernible trend shows up again. Lack of trend means it’s not an excellent time for trading, but even so, things look auspicious.
24-hour technical analysis
The current price is a tiny bit below the pivot point (0,021199), so the market can turn bullish with just a little push. Then it will have a lot of room to expand because the first resistance level is rather high at 0,022184.
Every technical indicator is relatively green, and only one of the moving averages is not for the bulls, so basically, every possible signal for buying is active. The Fibonacci scenario is precisely the same because, coincidentally, the Fibonacci pivot point and first resistance level are the same as the traditional ones.
Monthly technical analysis
The monthly scenario is more of a mixed bag. Here, we’re already above the pivot point but very far from the first resistance level (0,024359). This tells us that the daily first resistance level is unlikely to stop the coin’s increase in value, especially if we see high trade volumes as the price goes up – when and if it goes up. In fact, the first monthly resistance level is higher than all three daily resistance levels so they could all turn out to be irrelevant if the bulls find their momentum.
The problem is that the monthly resistance level is unlikely to be up for a test because the monthly scenario is not bullish as the daily one. It’s quite bearish, in fact. Six out of seven technical indicators are pointing at selling, as do most of the moving averages.
So today is not a great day to be involved in the ZIL trade. The market is way too confused, and while there was a clear trend earlier, it seems that the price is stuck in the sideways business right now and it could remain there for the rest of the day, or even for several days.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.