Like Bitcoin, Ethereum and the entire spectrum of crypto assets, Zilliqa (ZIL) has had an exciting first month of 2023. The digital asset opened the month at a value of $0.01583 and has since pumped by 94% to a local peak value of $0.0308 set earlier today.
Zilliqa (ZIL) Blasts Past $0.025 and Looks Set to Erase Losses Due to FTX’s Collapse
Further checking the one-day ZIL/USDT chart below courtesy of Tradingview.com, it can be observed that Zilliqa is in clear bullish territory above the 50-day (white) and 100-day (yellow) moving averages. Its daily parabolic SAR (blue dots) further confirm the bullishness of Zilliqa (ZIL) as it is located below the price action.
From the chart, it can also be observed that Zilliqa is trading at $0.02852, having blasted past the $0.025 resistance area. At the time of writing, Zilliqa’s path to higher levels has been prevented by the 200-day (green) moving average situated at the $0.031 resistance area.
If Zilliqa can flip the 200-day moving average into support, it could accomplish erasing all losses due to FTX’s collapse in November.
Before FTX declared bankruptcy, Zilliqa was trading around the $0.032 price area, which is currently slightly above the 200-day moving average and the $0.031 resistance area.
Therefore, if the current crypto market bullish momentum is maintained, Zilliqa could succeed in going back to values last seen in early November.
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