Zilliqa has seen a pullback to this level; further upside was likely?

Zilliqa has seen a pullback to this level; further upside was likely?

Disclaimer: The findings of the next evaluation are the only opinions of the author and shouldn’t be thought-about funding recommendation

Purchase the rumor, promote the information, goes the adage. Zilliqa and its token ZIL have seen large hype on the web and on social media just lately. The worth of ZIL has additionally risen by almost 400% in latest weeks within the wake of the optimism surrounding Metapolis, the metaverse-as-a-service platform of Zilliqa. It’s scheduled to launch on 2 April 2022 with a VIP occasion in Miami.

ZIL- 1H

Zilliqa has seen a pullback to a support level, further upside was likely

Supply: ZIL/USDT on TradingView

The short-term Fibonacci retracement ranges (yellow) plotted for ZIL’s transfer from $0.098 to $0.221 up to now few days confirmed that the worth was too bullish to recede wherever near the 61.8% retracement stage.

As an alternative, the $0.182 stage of horizontal assist was visited following a bearish divergence on the hourly chart between the asset worth and its momentum (RSI).

Following this pullback, ZIL has seen a fast, impulse transfer again upward following the retest of assist. On the time of writing, it was trying to interrupt previous the $0.224 resistance stage.

Rationale

Zilliqa has seen a pullback to a support level, further upside was likely

Supply: ZIL/USDT on TradingView

The RSI on the hourly chart had not dipped considerably beneath the impartial 50 line, even on the pullback to $0.177 which represented a 15% drop. Previously few hours, the RSI surged as soon as extra to point out that the pattern and momentum have been strongly bullish.

The OBV, identical to the worth, was additionally trying to climb previous a neighborhood excessive. If the OBV does accomplish this within the subsequent few hours, it will be one other signal of sturdy shopping for stress. The CVD was additionally inexperienced in latest hours, to spotlight the demand.

Conclusion

The symptoms and the worth charts had a bullish outlook on the decrease timeframes. Then again, the 4-hour and 6-hour charts had bearish divergences starting to crop up. Furthermore, for the reason that Metapolis occasion is scheduled for this Saturday, it may so occur that excited retail consumers purchase ZIL and supply exit liquidity to the bigger gamers out there. Subsequently, for late consumers, warning is suggested.

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