Lorenzo Stroe
Independent Analyst
- Zilliqa price remains inside a robust daily uptrend despite the recent sell-off.
- There are not many bearish signs for Zilliqa in the short-term.
Zilliqa is currently trading at $0.03 still inside a daily uptrend formed on November 4. The digital asset is down by 17% since its 2020 peak at $0.0364 but the bulls remain in control and are aiming for higher highs.
Zilliqa price faces very little resistance to the upside
One of the most significant support levels on the daily chart has been the 26-EMA, defended on several occasions during the current uptrend. As long as the bulls can continue holding this major support level, the uptrend will most likely remain intact.
ZIL/USD daily chart
Additionally, the TD Sequential indicator has just presented a quick buy signal on the 30-minutes chart which is currently in a downtrend. Validation of the call would push Zilliqa price towards the high of $0.0316.
ZIL/USD 30-minutes chart
However, it’s important to note that the daily uptrend is somewhat overextended. A breakdown below the 26-EMA at $0.0284 would be notable and can potentially push Zilliqa price towards the psychological support level of $0.02.
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