The popular altcoin of Zilliqa (ZIL) is in the process of erasing all losses since the FTX collapse hit the crypto markets hard in November. Before Sam Bankman-Fried filed for bankruptcy on November 11th, Zilliqa was comfortably trading above the $0.030 price area.
Zilliqa Has Gained by 53% Since December’s Low of $0.01527
Once news hit of FTX hitting rock bottom, Zilliqa started a downward spiral that would end with a local low of $0.01527 set on December 30th, dropping by a massive 49.1%.
However, Zilliqa has since increased in value by an impressive 53% in 2023, hitting a local peak of $0.03299 on Monday, February 13th.
Zilliqa Turning the 200-day MA Into Support Could Propel it Higher
A glance at the one-day ZIL/USDT chart courtesy of Tradingview.com reveals that Zilliqa is battling to flip the 200-day (green) moving average as support at its current price of $0.028. If the altcoin can be successful in this endeavour, it could keep pushing higher towards $0.030 and erasing all losses due to the collapse of FTX.
However, Zilliqa’s one-day MFI (green), MACD and RSI (red) all hint at an ongoing correction that could delay the above scenario of pushing above the 200-day moving average.
Zilliqa’s next line of defence is the $0.025 support level if the pullback accelerates.
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