• Zilliqa (ZIL) has seen a strong start to the year, with a 10.93% jump and a 24.15% surge.
• The 20 day, 50 day, and 100 day EMAs are arranged in ascending order, reinforcing bullish sentiment.
• The RSI is currently in oversold territory, suggesting a possible retracement before further price rises.
The start of 2023 has been an incredibly encouraging period for Zilliqa (ZIL) holders. After six consecutive daily green candles, ZIL has seen a 10.93% jump and a 24.15% surge, demolishing both the 20-day and 50-day EMAs. Prices have continued to climb with an impressive 18.67% rise as of writing. This demonstrates the bullish sentiment across the short, medium, and long-term, as the 20 day, 50 day, and 100 day EMAs have arranged themselves in ascending order; the shorter duration of EMA should be above its longer-term counterparts.
The Relative Strength Index (RSI) is currently in oversold territory at 80.44, suggesting a possible retracement and a consolidation before moving up further. 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. The MACD is healthy with a steady and gradual increase in the histogram.
Given the strong performance of ZIL in the past two days, many traders are optimistic about its future price potential. The cryptocurrency market is notoriously unpredictable, however, so investors should always proceed with caution and conduct their own research before making any decisions. It is also important to remember that the volatility of the market can cause extreme price movements, so it is important to be prepared for both ups and downs.
Overall, ZIL has shown an encouraging start to the year and has demonstrated its bullish sentiment across the short, medium, and long-term. Investors should keep an eye on the cryptocurrency and be aware of the risks associated with investing in the volatile crypto markets.