ZIL uptrend slows – could $0.02 support level turn to resistance

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. ZIL’s uptrend momentum weakened. Open Interest rates and sentiment declined, further reinforcing a possible reversal. Zilliqa’s [ZIL] increasing divergence amongst key technical indicators could impact investors and traders, not counting the 90% gains ZIL […]

Source: ZIL/USDT on TradingView

The formation of an ascending channel pattern captured ZIL’s recent rally. Notably, the uptrend saw a massive boost from rising buying power, as evidenced by the rising volumes . However, the surging price action was also marked by a declining Relative Strength Index , forming a price/RSI divergence. The divergence could suggest a likely reversal, which could target the $0.02504 support level – a 10% plunge. So far, the 26 and 200-period EMAs have been keeping extended drops in check.

But a convincing break above the channel would leverage bulls to reclaim the pre-November level of $0.03345. Such an upswing would invalidate the bias described above. Regardless, such an upswing may be difficult because of the weakening uptrend momentum, as shown by the Average Directional Index . The ADX has been making lower highs since mid-January, suggesting the uptrend weakened.ZIL has seen an increase in demand since January, as evidenced by a positive Funding Rate in the same period. However, the asset’s weighted sentiment turned negative at press time. Moreover, waning investors’ confidence could undermine ZIL’s uptrend further.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

CryptoAmb /  🏆 22. in CA

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Aptos [APT] recovery at stake – can bulls clear $16.3615 hurdle?Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. APT’s momentum waned. Several obstacles blocked the bulls’ leverage. Aptos [APT] flashed green for the better part of January 2023, but 1 – 8 February was unsettling, as APT shrunk by 7%. Compared to […]
Read more »

Binance Coin [BNB] forms bullish continuation pattern – to $360 next?Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. Binance Coin formed an ascending triangle pattern. It faces stiff opposition at the $330 mark, but buying pressure was ticking higher. Binance Coin [BNB] posted steady gains throughout January 2023 and succeeded in breaking […]
Read more »

Monero [XMR]: Can bulls defend $163 support level as bears take overDisclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. XMR formed a descending channel pattern. Investors were strongly bearish on XMR as Open Interest (OI) fluctuated. Monero’s [XMR] press time plunge was likely because of an increasing divergence in key technical indicators. XMR […]
Read more »

Cardano approaches critical resistance level of $0.42: Bulls to witness more gains?Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. The higher timeframe market structure remained strongly bullish. The $0.4-$0.42 is an important region of resistance- but ADA is likely to push higher. Cardano [ADA] bounced from $0.38 to reach the $0.4 level of […]
Read more »

AVAX crosses above downtrend line – is a recovery sustainableDisclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. AVAX recovered slightly above a key short-term downtrend line. The sentiment was positive, but AVAX faced a price rejection at press time. Avalanche’s [AVAX] recovery could be limited despite improved investors’ confidence. The asset […]
Read more »

Examining Litecoin’s [LTC] chances of reaching $130 after bullish breakoutDisclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. The market structure of Litecoin was bullish. The reaction at $95 and the attempts to push above $100 meant bulls have the upper hand. Bitcoin [BTC] saw a small move upward from $22.8k to […]
Read more »