The popular cryptocurrency Zilliqa (ZIL) is having a rough week due to the crypto-wide market selloff resulting from Silvergate bank potentially being insolvent. The latter situation is likely due to the bank’s significant exposure to the now-bankrupt FTX crypto exchange.
Zilliqa (ZIL) Loses the 200-day Moving Average as Support, $0.025 Looks Likely.
The one-day ZIL/USDT chart below, courtesy of Tradingview.com, shows that Zilliqa, at current levels of $0.02775, has since lost the 50-day (white) and the crucial 200-day (green) moving averages as support.
The chart further hints that if the current downward trajectory persists, Zilliqa could be headed towards the $0.025 support zone that coincides with the location of the 100-day (yellow) moving average.
Its daily MFI (green), MACD and RSI (red) further confirm the ongoing selling of ZIL/USDT, and a potential relief might only be found if Bitcoin resumes its bullish trend in the crypto markets.
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