Zilliqa price encounters significant selling pressure from various indicators
|- Zilliqa price had a massive 53% rally in the past two days hitting $0.197.
- The digital asset is bound for a significant correction as it has entered overbought territory.
- Various indicators show that Zilliqa could continue to drop even lower.
Zilliqa price had a massive spike in the past two days after Zilliqa Capital announced the official launch of the Southeast Asian financial ecosystem, which will invest in ZIL.
At Zilliqa Capital, we are firm believers in the long-term, life-changing potential of blockchain technology, reflected in our support for promising projects striving to serve the unbanked and underbanked across Southeast Asia and India
Zilliqa price faces a potential correction down to $0.15
On the 4-hour chart, the TD Sequential indicator has just presented a sell signal that already got a notable bearish continuation down to $0.162. The digital asset is certainly bound for a correction after a 50% breakout in just two days.
ZIL/USD 4-hour chart
The next most significant support level is located at $0.15, which coincides with the 26-EMA. Additionally, ZIL has also seen a spike in social volume which is also an indicator of upcoming correction periods.
ZIL Social Volume
To fully invalidate the sell signal, Zilliqa bulls would need to push the digital asset above the previous high of $0.197.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.