In this Zilliqa (ZIL) Technical Analysis 2021, we use past statistics, price patterns, RSI, and much other information about ZIL to analyze the future movement of the cryptocurrency.
Zilliqa is a high-throughput public blockchain platform created to measure thousands of transactions per second. Moreover, it is built to provide performance, scalability, and security.
More so, the crypto aims to drive the blockchain industry forward by creating the highest quality technology infrastructure which can develop a measurable and real-world impact. In addition, the platform has made partnerships with industries that have clear benefits to innovative, and decentralized technologies.
Through this platform users and businesses can provide the complete potential of decentralized technology. For instance, the company has its base in academic research. Additionally, the co-founders have found that scalability is one of the main issues that would hinder the widespread technological adoption. Furthermore, the ZIL team plans to address the blockchain scalability issues.
Zilliqa (ZIL) Current Market Status
According to CoinGecko, the Zilliqa price is trading at $0.16 with a 24-hour trading volume of $185,757,239, at the time of writing. However, ZIL has increased by 3.57% in the last 24 hours.
ZIL holds 65th position on CoinGecko right now. Moreover, ZIL has a circulating supply of 11,215,028,463 ZIL and maximum supply of 21,000,000,000
Currently, ZIL trades in Binance, Huobi Global, OKEx, Upbit, and VCC Exchange. Notably, HitBTC is the present most active market trading it.
Zilliqa (ZIL) Technical Analysis 2021
The recent development and upgrades might push Zilliqa (ZIL) to reach new heights. Now, let’s deep dive into the Zilliqa (ZIL) technical analysis 2021.
ZIL Showing Descending Scallop Pattern in Hourly Time Frame
The hourly time frame chart below shows the Descending Scallop pattern of Zilliqa (ZIL).
Normally, this Descending Scallop pattern is followed by a downtrend position. However, in some situations, the pattern can show a change and move into an uptrend position level. More so, the pattern takes more than 20 days for the formation to occur.
In addition, at the beginning of this pattern, ZIL moved from its bullish to a bearish trend. This happens as many traders stop buying and start to sell. As a result, the ZIL trading volume decreased drastically.
Zilliqa (ZIL) RSI, MACD, MA, and EMA
The below chart shows the Moving Average Convergence/Divergence (MACD) of ZIL. Notably, the MACD (blue) continues to stay just below the signal indicator (orange line). This means that cryptocurrency traders can still expect more bearish days ahead.
In contrast, if the MACD starts to move above the signal indicator and performs a bullish crossover. Then the crypto has a high possibility of reaching new highs.
Now let’s look at the relative strength index (RSI) of ZIL. As shown in the chart above, the RSI remains at level 44.61. This shows that ZIL price is neither overbought nor in an oversold state. However, this gives confidence for the traders to trade without any fear.
ZIL’s Moving Average (MA) and Exponential Moving Average (EMA) is shown in the chart below. Moreover, MA is a part of technical analysis that helps traders to recognize trends. While EMA is a type of moving average.
From the beginning of 2021, it is clear that the ZIL price has shown many bullish patterns. Furthermore, taking all these into account, ZIL could have a competitive market in 2021.
Zilliqa (ZIL) Showing Three Rising Valley Pattern in Monthly Time Frame
In the monthly time frame chart below, we can see the Three Rising Valleys pattern. Usually, this is followed by an uptrend. But this can be followed by a downtrend also.
More so, the pattern itself provides a break further to the upside level. However, this pattern took more than two months to form. As shown above, at the beginning of February, ZIL was in a consolidation state. This shows a high trade volume occurred in that period.
With the ongoing developments and upgrades that are taking place within the ZIL platform. The cryptocurrency ZIL has a fantastic future ahead in this crypto market. However, it is possible to see crypto reaching new heights.
Bullish ZIL price prediction 2021 is $0.5. As said above, it may reach great heights, however reaching $1 if investors have decided that ZIL is a good investment in 2021.
What is Zilliqa (ZIL)?
Zilliqa is a high-throughput public blockchain platform created to measure thousands of transactions per second. It’s native token is ZIL.
Where can you purchase ZIL?
ZIL is listed on many cryptocurrency exchanges that include Binance, Huobi, Bitfinex, and Bithumb. In which the crypto is available to be traded against fiat currencies, stablecoins, and other cryptos.
Will ZIL reach a new ATH soon?
With the ongoing developments and upgrades within the ZIL platform, it has the high possibility of reaching its new ATH soon.