ZIL/USDT Technical Analysis: Will the Zilliqa Network Upgrade and Hard Fork Lead to a Price Dump?
ZIL, the native token of the Zilliqa blockchain network, is currently trading at $0.033. As per the chart, a double top pattern has formed, and the price has already been rejected from it. This suggests a potential downside move in the near future.
Furthermore, the Zilliqa network upgrade and hard fork are scheduled to take place on 25/04/2023, which may cause the price of ZIL to dump. This is a common phenomenon in the cryptocurrency market where traders tend to buy the rumors and sell the news.
In this article, we will analyze the technical indicators and news regarding ZIL to understand whether it is a good time to buy or sell ZIL.
Technical Analysis of ZIL/USDT
As per the chart, ZIL has formed a double top pattern, which is a bearish reversal pattern. The price has been rejected from the resistance level, and the next support level is at $0.030. If the price breaks below this level, it may fall to $0.027 and $0.025, respectively.
The Relative Strength Index (RSI) is currently at 45, which indicates a neutral zone. If the RSI falls below 30, it may suggest an oversold condition and a potential buying opportunity.
The Moving Average Convergence Divergence (MACD) is also in a bearish zone, and the histogram is showing a negative trend. This suggests that the bears may be in control of the market.
ZIL Network Upgrade and Hard Fork
The Zilliqa network is scheduled to undergo a major upgrade and hard fork on 25/04/2023. This upgrade aims to improve the performance, security, and decentralization of the network. However, such upgrades and hard forks often result in a price dump as traders tend to sell off their holdings after the event.
Takeaways
Based on the technical analysis and news, here are the key takeaways for ZIL/USDT:
ZIL has formed a double top pattern, suggesting a potential downside move.
The next support level for ZIL is at $0.030, followed by $0.027 and $0.025.
The RSI is neutral, while the MACD is in a bearish zone.
The Zilliqa network upgrade and hard fork on 25/04/2023 may lead to a price dump.
Conclusion
In conclusion, the technical indicators and news suggest that the price of ZIL may experience a downward trend in the near future. Traders should be cautious and consider selling their holdings if the price falls below the next support level of $0.030. However, it is important to conduct thorough research and analysis before making any investment decisions. As always, this is not financial advice and readers should seek the advice of a professional financial advisor before investing in any cryptocurrencies.
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ZIL, the native token of the Zilliqa blockchain network, is currently trading at $0.033. As per the chart, a double top pattern has formed, and the price has already been rejected from it. This suggests a potential downside move in the near future.
Furthermore, the Zilliqa network upgrade and hard fork are scheduled to take place on 25/04/2023, which may cause the price of ZIL to dump. This is a common phenomenon in the cryptocurrency market where traders tend to buy the rumors and sell the news.
In this article, we will analyze the technical indicators and news regarding ZIL to understand whether it is a good time to buy or sell ZIL.
Technical Analysis of ZIL/USDT
As per the chart, ZIL has formed a double top pattern, which is a bearish reversal pattern. The price has been rejected from the resistance level, and the next support level is at $0.030. If the price breaks below this level, it may fall to $0.027 and $0.025, respectively.
The Relative Strength Index (RSI) is currently at 45, which indicates a neutral zone. If the RSI falls below 30, it may suggest an oversold condition and a potential buying opportunity.
The Moving Average Convergence Divergence (MACD) is also in a bearish zone, and the histogram is showing a negative trend. This suggests that the bears may be in control of the market.
ZIL Network Upgrade and Hard Fork
The Zilliqa network is scheduled to undergo a major upgrade and hard fork on 25/04/2023. This upgrade aims to improve the performance, security, and decentralization of the network. However, such upgrades and hard forks often result in a price dump as traders tend to sell off their holdings after the event.
Takeaways
Based on the technical analysis and news, here are the key takeaways for ZIL/USDT:
ZIL has formed a double top pattern, suggesting a potential downside move.
The next support level for ZIL is at $0.030, followed by $0.027 and $0.025.
The RSI is neutral, while the MACD is in a bearish zone.
The Zilliqa network upgrade and hard fork on 25/04/2023 may lead to a price dump.
Conclusion
In conclusion, the technical indicators and news suggest that the price of ZIL may experience a downward trend in the near future. Traders should be cautious and consider selling their holdings if the price falls below the next support level of $0.030. However, it is important to conduct thorough research and analysis before making any investment decisions. As always, this is not financial advice and readers should seek the advice of a professional financial advisor before investing in any cryptocurrencies.
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Trade closed: target reached:
#ZIL/USDT profit update: Currently trading at $0.029, down 13% from our entry. We hope you enjoyed our analysis and were able to book a profit. Stay tuned for more quality analysis. Thank you.
#ZIL/USDT profit update: Currently trading at $0.029, down 13% from our entry. We hope you enjoyed our analysis and were able to book a profit. Stay tuned for more quality analysis. Thank you.
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