• Zilliqa (ZIL) has been making impressive gains in the crypto market, with its price rising 10.93%, 24.15%, and 18.67% over the past several days.
• Technical analysis shows that the cryptocurrency is currently in oversold territory with the RSI at 80.44, the 20 day, 50 day, and 100 day EMAs in an ascending order, and the MACD line breaking out from the zero line.
• ZIL’s current bullish momentum could potentially continue into the future, allowing traders to capitalize on the gains.
The cryptocurrency market has seen a significant amount of activity over the past several days, with many coins making strong gains. One such cryptocurrency that has been making impressive progress is Zilliqa (ZIL), which has seen its price rising steadily over the past few days.
The past six daily candles for ZIL have all been green, resulting in an impressive 10.93% increase in value. This was followed by a 24.15% surge which saw the price breaking out from the 20-day and 50-day EMAs. Currently, the price is continuing to climb with a further 18.67% jump thus far.
Technical analysis shows that the cryptocurrency is currently in a strong bullish position. The RSI is currently oversold at 80.44, indicating that the price may soon undergo a retracement and consolidation before moving up further. The 20 day, 50 day, and 100 day EMAs are also arranged in an ascending order, which further reinforces the bullish sentiment. Furthermore, the MACD line is also in a bullish crossover position and is gradually increasing in value.
With the technical indicators pointing to a continued bullish momentum, traders may be able to capitalize on the gains and further increase their portfolios. However, it is important to note that the market is volatile and any sudden shifts in the market could significantly affect the prices. Therefore, it is important for traders to keep an eye on the market and be prepared for any sudden changes.