Zilliqa price analysis: ZIL targets the $0.0851 resistance point

The cryptocurrency market is having a mixed start to the day, with some coins performing well while others are underperforming

Bitcoin and Ether are both up by more than 1% over the past 24 hours, with BTC trading close to $42,500 while Ether is closing in on the $3,000 mark.

Cardano and XRP’s performances aren’t impressive as they are only up by less than 1%. However, they both maintain their position as some of the top cryptocurrencies in the market. Polkadot and Dogecoin are trading in the red zone, with Solana and Binance Coin the best performers amongst the top ten cryptocurrencies by market cap.

Zilliqa (ZIL) has been performing well in the past few hours, with its price now up by more than 3%. It could soar higher in the coming hours if it maintains its current momentum.

Zilliqa price outlook

The ZIL/USD 4-hour chart is still bearish as Zilliqa hasn’t erased the losses it recorded over the past few days. However, its technical indicators are improving, with its relative strength index now in the neutral zone (45), and its MACD line slowly moving towards the bullish territory.

ZIL is currently trading at $0.0797 per coin. If it maintains its positive start to the day over the next few hours, it will soon surpass its first major resistance point at $0.0851, its highest trading price yesterday. An extended period of bullish performance from the broader cryptocurrency market would allow ZIL to make a move towards its next major resistance point at $0.0930.

ZIL/USD 4-hour chart. Source: TradingView

Unless ZIL embarks on a sustained rally, the resistance point at $0.10 should limit any short-term upward movement. However, if the bearish sentiment resumes, ZIL could drop towards the first major support level at $0.074. An extended period of loss could see it test the $0.063 level for the first time since August. The support level at $0.0559 should limit further downward movement in the short term.