Cryptocurrency Zilliqa (ZIL) has had an eventful 2023 pumping by 142% from the December 31st low of $0.01527 to the local peak of $0.03696 set on February 23rd. At the time of writing, Zilliqa is trading at $0.02888, which is still 89.1% higher than the December 31st low.
ZIL/USDT Could Recapture $0.03 in May
Further checking the one-day ZIL/USDT chart below, courtesy of Tradingview.com, it can be observed that Zilliqa remains in bullish territory above the 200-day (green) moving average.
However, ZIL/USDT is currently finding stiff resistance below the 50-day (white) and the 100-day (yellow) moving average, hinting at short-term bearishness into Sunday’s weekly and monthly close.
Zilliqa’s daily MFI (green), MACD and RSI (red) further confirm the selling pressure that could see ZIL/USDT drop to the 200-day moving average located around the $0.02666 price area. A worst-case scenario would be a drop to the $0.025 support level.
However, the new month of May could bring optimism to the crypto markets as the Bitcoin halving is now exactly one year away. Therefore, Zilliqa could find enough momentum to regain the $0.03 support level after Sunday’s weekly and monthly close.
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