Zilliqa (ZIL) Technical Analysis 2021 for Crypto Traders

Zilliqa (ZIL) Technical Analysis 2021 for Crypto Traders

In Zilliqa (ZIL) Technical Analysis 2021, we use past statistics, price analysis, RSI, RVOL, and much other information about ZIL to analyze the future movement of the cryptocurrency. 

Zilliqa is an open-source blockchain designed to provide high-performance, capable of executing thousands of transactions per second. In addition, it seeks to solve the blockchain speed and scalability issues because it offers a second-layer scaling solution. It hosts many decentralized applications, and it will enable staking and yield farming from October 2020.

Zilliqa (ZIL) Current Market Status

According to CoinGecko, the ZIL price is trading at $0.08 with a 24-hour trading volume of $69,480,074, at the time of writing. However, ZIL has increased by 3.3% in the last 24 hours. 

In addition, ZIL has a circulating supply of 12,195,615,759 ZIL. Currently, ZIL trades in Binance, OKEx, Huobi Global, FTX, and Upbit.

Zilliqa (ZIL) Technical Analysis 2021 

Zilliqa (ZIL) holds the 79th position on CoinGecko right now. The recent development and upgrades might push ZIL to reach new heights. Now, let’s deep dive into the ZIL technical analysis 2021. The daily time frame chart of Zilliqa (ZIL) is shown below.

ZIL/USDT pattern (Source: Tradingview)

The above chart forms the “Falling Wedge pattern”. This is a bullish pattern that starts from the top high and contracts as the price falls. However, when the highs and lows of the trend converge, this price action forms a downward cone. This shows that due to the huge volume of trade during this time, the price of ZIL will continue to rise and in the near future it will surpass its all-time high price ever.

ZIL trades in a range of $0.086. If the price breaks the trend line support level of $0.07 then it will lead to a further drop up to the $0.06 Level. If the pattern continues to the top side, then it will reach the $0.25 level soon.

Zilliqa (ZIL) RSI

The below chart shows the relative strength index (RSI) of ZIL. 

ZIL RSI (Source: TradingView)

As shown in the below chart, RSI remains at 41. This shows that ZIL’s price is in a nearly oversold state. However, this means a major price reversal may occur in the next few days. So, traders need to trade carefully.

Zilliqa (ZIL) RVOL

The below chart shows the Relative Volume of ZIL. RVOL is an indicator that tells the trader how the current trading volume compares with the previous trading volume over a period of time. 

ZIL RVOL(Source: TradingView)

Notably, in the starting of May to first week of June, it is found that the RVOL of ZIL observed is stronger. From the mid June till at the time of writing, the RVOL of ZIL stays below the cutoff line which indicates the weaker participants in the current trend.

Zilliqa (ZIL) Moving Average

ZIL’s Moving Average (MA) is shown in the chart below. Moving Average is a part of technical analysis that helps traders to find trends.

ZIL MA (Source: TradingView)

In the 50 MA (Short-term), the price of the ZIL is in a bearish state, and still, it has not broken the 200 MA. Once it breaks the 200 MA level of ZIL, it completely goes to a bearish state.

Currently, the price of ZIL is trading near to the 200 MA level so we can expect some reversal at these points.

Zilliqa (ZIL) Price Comparison With Bitcoin

The below chart shows the price comparison between ZIL and BTC. 

ZIL vs BTC Price Comparison chart(Source: TradingView)

The trend of the BTC and ZIL is moving at the same level as the trend.

Conclusion

With the ongoing developments and upgrades that are taking place within the ZIL platform. Zilliqa has a great future ahead in this crypto market. However, ZIL can reach new heights.

Bullish ZIL price prediction 2021 is $0.25. As mentioned above, it may reach great heights, however reaching $0.4, if investors have decided that ZIL is a good investment in 2021.

FAQ

What is ZIL?

ZIL is a token developed in the year 2017 and it is mainly based on the concept of Sharding and primarily aims at improving the scalability of the cryptocurrency networks as in the case of Bitcoin or ETH. Its native coin is Zilliqa.

Where can you purchase ZIL?

ZIL is listed on many cryptocurrency exchanges that include Binance, OKEx, Huobi Global, FTX, and Upbit. It is available for trading against crypto fiat coins, stablecoins, and other cryptocurrencies.

Will ZIL reach a new ATH soon?

With the ongoing developments and upgrades within the Zilliqa platform, it has the high possibility of reaching its ATH soon.

Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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Monisha is a Senior Programmer in the Automotive Embedded domain. Her interest in the cryptocurrency field made her write about crypto and blockchain-related news.