Zilliqa looks allset to take a small dip priorto advancing evenmore.
Key Takeaways
- Zilliqa hasactually increased by almost 370% over the past week.
- Now, sell signals are appearing.
- A spike in profit-taking might push ZIL to $0.155.
Zilliqa has skyrocketed in cost over the past week. Although trading volumes stay high, anumberof signals point to a short correction in the near future.
Zilliqa Looks Primed to Retrace
Zilliqa has outperformed the rest of the cryptocurrency market over the past coupleof days, however the technicals program that a spike in profit-taking might be underway.
The Layer 1 token hasactually been on a roll recently, rising by almost 370% over the past week. ZIL gotin a parabolic rally last week when the task revealed a collaboration with Agora for its Metaverse as a Service platform, Metapolis.
ZIL was trading at a low of $0.047 and went on to hit a high of $0.22. Given the magnitude of the breakout, numerous technical indications recommend that the token is now sitting in overbought area.
The Tom DeMark Sequential sign hasactually provided a sell signal on Zilliqa’s four-hour chart. The bearish development established as a green 9 candlestick, which is asign of a one to 4 candlesticks correction. A spike in selling pressure might verify the cynical outlook, pressing ZIL to $0.155 or even $0.13.
Moreover, a bearish divergence inbetween Zilliqa’s cost and the Relative Strength Index hasactually formed on the four-hour chart. While ZIL hasactually been making a series of greater highs, the RSI hasactually been trending downwards. Such market habits is asign of subsiding bullish momentum.
Despite the installing sell signals structure on Zilliqa’s four-hour chart, traders will be looking out for another bullish breakout. A definitive candlestick close above the current high at $0.22 might have the strength to revoke the short-term downhearted outlook and lead to further gains. Breaching the important resistance location might push ZIL towards $0.28 or greater.
Disclosure: At the time of composing, the author of this piece owned BTC and ETH.
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