ZIL Price Hovers in Range: Could Bulls Cross $0.02600 Mark?

• The Zilliqa price hovers in a narrow range and looks bearish on the charts.
• Over the past few weeks, the coin failed to cross the 200-day EMA mark.

The Zilliqa (ZIL) coin stayed below the key moving averages and traded in a narrow range. For weeks, the buyers continued to struggle but could not surpass the 200-day EMA mark.

Recently, the coin has made a triple bottom pattern, rebounded from the support zone of $0.2100, and surged over 15% this week.

A break and close above the $0.02600 mark would validate the range breakout and might lead to an upmove ahead.

At press time, the Zilliqa (ZIL) price traded at $0.02483 with an intraday gain of 1.20%, reflecting neutrality on the charts. It has a monthly return ratio of 1.20% and a 7.89% yearly return ratio.

In a tweet from @CryptoTony, he explained that above $0.0280 would be the safe entry for the higher price targets. Below, there is no entry for now.

$ZIL / $USD – Update

Reclaim 0.028c and we have a safe entry. No entry for now though pic.twitter.com/qLHgEQLRd7

— Crypto Tony (@CryptoTony__) May 28, 2024

The pair of ZIL/BTC is at 0.000000367 BTC, and the market cap is $475.44 Million. Analysts are neutral and suggest that the ZIL price may stretch the up move and shoot up the gains ahead.

Could ZIL Price Gain Pace Amidst Consolidation?

ZIL coin stayed on the downside trajectory for weeks and has not shown any significant upmove yet. The coin remained in a range throughout the month and sustained above the demand zone of the $0.02300 mark.

The downside is capped at $0.02100 and there could be a possibility of an up move toward the $0.02800 mark in the upcoming sessions.

Source: Santiment

This month, the coin tried to overtake the key hurdle of $0.02500 multiple times but failed and remained in range. However, the coin has made a strong base, around $0.02200, and will not reveal any signs of a selloff now.

Bulls need to sustain above the 200-day EMA mark to gain strength ahead. Additionally, the trading volume remained flat, dropping over 23.26% to $19.27 Million in the last 24 hrs.

The RSI curve stays close to the midline region and reveals a positive crossover, highlighting the possibility of an up move ahead.

What Do Social Factors Say About ZIL?

Following the consolidating price moves, the social dominance remained below average and depicted a decline of over 7.89% to 0.046%.

Source: Santiment

Meanwhile, significant investor interest in the X platform was witnessed, with a surge of over 8.90% to 69, revealing a positive outlook.

Could the Whale Buying Activity Uplift the ZIL Price toward $0.0300?

Recent stable development activity witnessed neutral investor speculation and signified a positive outlook. This month, the value remained above the midline, noted at the 44.69 mark.

Source: Santiment

The percent of stablecoin total supply held by whales noted a sharp, consistent rise and shot up toward the high, noting around the 54.85 mark.

Futures Open Interest Data Outlook

Despite the nominal price movements, the future OI data reflect bull accumulation and hints that upcoming bullish moves are on the cards.

The open interest spiked over 1.25% to $17.25 Million in the last 24 hrs, revealing fresh long buildup activity.

Summary

The Zilliqa (ZIL) price stays close to the 200-day EMA and attempts to cross the $0.02500 hurdle. For weeks, the coin remained in a range and did not replicate any massive moves.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.