- Zilliqa price is up by more than 60% in the past few days.
- The digital asset has been trading inside a robust uptrend hitting new highs almost every day.
Zilliqa by around 500% since the beginning of November and hasn’t shown many bearish signs just yet. However, some technicals are suggesting that the digital asset might be poised for a significant correction in the short-term.
Zilliqa price could see a strong pullback down to $0.06
Although not 100% confirmed, the TD Sequential indicator seems to be on the verge of presenting a sell signal on the daily chart and the weekly chart. The indicator has presented a green ‘8’ candle on both charts which is usually followed by a green ‘9’ sell signal. If both are confirmed, they can push Zilliqa price down to $0.06, the 12-EMA on the daily chart.
ZIL/USD daily and weekly charts
The social volume of Zilliqa, which measures the mentions of the digital asset on different social media platforms, peaked right before the last sell-off on December 27. This number is increasing again which hints at another potential pullback, giving more credence to the bearish outlook presented above.
ZIL/USD daily chart
However, despite the several bearish signs, the daily uptrend remains intact. The digital asset is facing very little resistance to the upside as these prices haven’t been seen since June 2018.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.