• Zilliqa (ZIL) has started off strong in 2023, closing six consecutive green daily candles for an impressive 10.93% jump while retesting the 20-day EMA.
• Yesterday saw a 24.15% surge that demolished both the 20-day and 50-day EMAs. Today, prices have continued to climb with another impressive 18.67% rise thus far.
• Our Zilliqa price prediction looks at the current market trends to suggest a bullish sentiment across the short, medium, and long-term.
As we enter 2023, the cryptocurrency market has been quite volatile with many projects showing a strong potential to break out and make a comeback. One such project is Zilliqa (ZIL), which has started off strong in the new year, closing six consecutive green daily candles for an impressive 10.93% jump while retesting the 20-day EMA.
Yesterday saw a 24.15% surge that demolished both the 20-day and 50-day EMAs. Today, prices have continued to climb with another impressive 18.67% rise thus far as of writing. This is an indication that the project is gaining more attention from investors, leading to an increase in demand.
To get a better understanding of where ZIL stands in the current market, it’s important to look at its technical indicators. The Relative Strength Index (RSI) is currently in oversold territory at 80.44, suggesting that the cryptocurrency is overbought and a possible retracement may take place before prices move up further. Additionally, the Moving Average Convergence Divergence (MACD) is in a bullish crossover position with the MACD line breaking out from the zero line due to the recent strong upward trend. Observing the histogram reveals that the MACD is healthy with a steady and gradual increase, indicating that the current upward trend is likely to continue.
In conclusion, our Zilliqa price prediction looks at the current market trends to suggest a bullish sentiment across the short, medium, and long-term. With the cryptocurrency moving parabolic for the past two days, traders must anticipate a possible retracement before prices move up further. However, with the technical indicators showing a strong trend, we can expect ZIL to reach higher levels in the near future.