Disclaimer: The findings of the next evaluation are the only opinions of the author and shouldn’t be thought of funding recommendation
Purchase the rumor, promote the information, goes the adage. Zilliqa and its token ZIL have seen huge hype on the web and on social media lately. The value of ZIL has additionally risen by practically 400% in current 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
Supply: ZIL/USDT on TradingView
The short-term Fibonacci retracement ranges (yellow) plotted for ZIL’s transfer from $0.098 to $0.221 previously few days confirmed that the worth was too bullish to recede anyplace near the 61.8% retracement degree.
As a substitute, the $0.182 degree of horizontal help 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 help. On the time of writing, it was making an attempt to interrupt previous the $0.224 resistance degree.
Rationale
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. Up to now few hours, the RSI surged as soon as extra to point out that the development and momentum have been strongly bullish.
The OBV, identical to the worth, was additionally making an attempt to climb previous an area excessive. If the OBV does accomplish this within the subsequent few hours, it might be one other signal of sturdy shopping for strain. The CVD was additionally inexperienced in current hours, to focus on the demand.
Conclusion
The indications and the worth charts had a bullish outlook on the decrease timeframes. Alternatively, the 4-hour and 6-hour charts had bearish divergences starting to crop up. Furthermore, because the Metapolis occasion is scheduled for this Saturday, it may so occur that excited retail patrons purchase ZIL and supply exit liquidity to the bigger gamers available in the market. Subsequently, for late patrons, warning is suggested.
