After ending July with spectacular gains, Zilliqa (ZIL) is currently consolidating near its closing levels. The price trend initiated by the shooting star candle on August 01 has disrupted the entire momentum of this cryptocurrency. Instead of being bullish people have become sideways as Zilliqa consolidates at current levels in a show of strength.
ZIL indicates a consolidation zone with the upper band at $0.0836 and the lower band at $0.0789. It may take some retracement for bullish sentiment to re-engage on this cryptocurrency.
Zilliqa Cryptocurrency Price Analysis
On technical analysis, ZIL is showing strong signs of retracement if the consolidation level fails to hold it. Fibonacci retracements are indicating a fall back to the $0.0745 levels, which will be a 38.2% fall from the highs of $0.0889.
On the downside, Zilliqa Price seems to have technical support coming around $0.0701 levels. RSI is also indicating a loss of buying action which is even reaffirmed by the decreasing transaction volumes when measured on the Binance US trading platform.
MACD at the same time on daily charts is indicating the slowdown of current swing with light green candles on MACD indicators. At the same time, breaking the $0.0701 levels can further initiate a pull back to the recent lows of $0.0508.
Price action on ZIL has become extremely risky and volatile. Although $0.0508 sounds like an amazing level to acquire more of these coins. On the upside, there is a resistance at just short of $1 to watch out for.