Zilliqa [ZIL] Price Analysis: 30 March

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice

Zilliqa (ZIL/USD) has recorded significant price fluctuations over the past year, trading at $0.044 on 1 March 2022, $0.016 on 1 January 2023, and $0.0315 on 1 March 2023. At press time, ZIL/USD was valued at $0.0275 after a 2.34% drop in the last 24 hours.

Read Zilliqa’s [ZIL] Price Prediction 2023-24

This analysis will examine key technical indicators on the 1-day timeframe, including the Relative Strength Index (RSI), Bollinger Bands, On-Balance Volume (OBV), Chaikin Money Flow (CMF), Moving Averages, MACD, Money Flow Index (MFI), and Parabolic SAR.

Source: ZIL/USDT on TradingView

Considering the technical indicators, ZIL/USD seems to be facing potential challenges at significant resistance levels of $0.0316 and $0.036. The 20 and 50-SMA levels were close to the crypto’s press time price, indicating mixed sentiment in the short term. The MACD was found to be just below the zero line and climbing, suggesting a bullish trend could be on the horizon.

Key Highlights – 

The altcoin ZIL has a positive correlation with Bitcoin (BTC) on the price charts. With Bitcoin facing strong resistance at $28.7K, Zilliqa could also record a pullback. Zilliqa’s team is working on launching an Ethereum Virtual Machine (EVM) compatible platform in the coming weeks, which will likely attract more developers to the ecosystem.

The RSI stood at 49.4, indicating a neutral market sentiment for ZIL/USD. The Bollinger Bands were converging on the charts, suggesting that a price breakout could be imminent in either direction. The OBV has been flat at 40.45 billion since 24 February, highlighting no significant change in buying or selling