Zilliqa (ZIL) Soars 24.15%, Technical Analysis Show Bullish Sentiment
• Zilliqa (ZIL) has been having a strong start to 2023 with 6 consecutive green daily candles and a 24.15% surge.
• Technical analysis shows a bullish sentiment across the short, medium, and long-term with the 20 day, 50 day, and 100 day EMAs in ascending order.
• The RSI and MACD are both in a bullish crossover position with healthy signals.
The crypto market has been on an upward trend since the beginning of the year, with many coins and tokens experiencing a surge in prices. One of the most impressive performers has been Zilliqa (ZIL), which has seen an impressive 10.93% jump while retesting the 20-day EMA. This was followed by an even more impressive 24.15% surge that demolished both the 20-day and 50-day EMAs. Today, prices have continued to climb with another 18.67% rise thus far as of writing.
To get a better understanding of where Zilliqa (ZIL) is headed, it’s important to look at the technical analysis. First, the Exponential Moving Average (EMA) shows a bullish sentiment across the short, medium, and long-term, with the 20 day, 50 day, and 100 day EMAs in ascending order. This is a positive sign that suggests further upside.
The Relative Strength Index (RSI) is currently in oversold territory at 80.44. With the cryptocurrency moving parabolic for the past two days, traders must anticipate a possible retracement and a consolidation before moving up further.
The Moving Average Convergence Divergence (MACD) is in a bullish crossover position with the MACD line breaking out from the zero line due to the recent strong upward trend. Observing the histogram reveals that the MACD is healthy with a steady and gradual increase in momentum.
Taking all of this into consideration, it appears that Zilliqa (ZIL) is in a strong position and could continue to rise in the near future. As the crypto market bounces back, it’s likely that ZIL will see further gains and could even reach new highs. However, traders should also be aware of the possibility of a retracement and should adjust their trading strategies accordingly.