Zilliqa

<ul class="list-ic vertical"> 
 <li> 1 <a>Social metrics of Zilliqa crypto are improving, hinting at a possible recovery in the upcoming sessions.&nbsp;&nbsp;</a> </li> 
 <li> 2 <a>The daily chart reveals a bearish crossover of the key 50-day and 200-day EMAs, pointing to a weakness prevailing in the market.&nbsp;</a> </li> 
</ul> 
Zilliqa Crypto has been struggling to make a comeback in recent sessions and break out of a correction phase. The bears are making attempts to trigger a trend reversal in their favor.&nbsp; 
On the flip side, the bulls are actively trying to defend the previous swing low to keep the trend in their favor, leading to a <a href="https://www.thecoinrepublic.com/2024/05/26/sei-hovers-near-bottom-will-the-consolidation-journey-end-here/" target="_blank" rel="noreferrer noopener">consolidation </a>near the support level.&nbsp; 
Moreover, the social metrics, i.e., social dominance and social volume, have reported positive growth, suggesting potential optimism ahead. However, a bearish crossover of 50-day and 200-day EMAs casts doubt on an immediate upward movement.&nbsp; 
Let’s look into a more thorough analysis and try to figure out the potential direction of the Zilliqa price in the upcoming sessions. 
<h2 class="wp-block-heading" id="strong-rising-social-metrics-signal-bullish-days-ahead-strong">Rising Social Metrics Signal Bullish Days Ahead</h2> 
As per the data obtained from a financial website, app.santiment.net, there has been a notable rise in social dominance and social volume metrics in recent sessions. The social dominance has jumped from 0.021% to 0.075%, suggesting a possible uplift in the price.&nbsp; <iframe loading="lazy" title="Santiment Chart: Social Dominance (ZIL), Social Volume (ZIL)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=zilliqa&amp;pt=ZIL&amp;df=2023-12-29T00%3A00%3A00.000Z&amp;dt=2024-05-13T18%3A29%3A59.391Z&amp;emcg=1&amp;emhwm=1&amp;wm=social_dominance_total%3Bsocial_volume_total&amp;wax=0%3B1&amp;wc=%235275FF%3B%2368DBF4&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
The social dominance and volume charts reflect changes in awareness and the popularity of ZIL crypto among users. Social media platforms like X, Instagram, and Facebook act as a medium for the cryptocurrency to spread its presence and appeal.&nbsp; 
Moreover, increased activity in social metrics suggests the rising participation of the users, which ultimately results in increased demand. Generally, it has a positive impact on the price in the short term.&nbsp; 
<h3 class="wp-block-heading" id="strong-can-a-bearish-crossover-result-in-a-negative-trend-shift-strong">Can a Bearish Crossover Result in a Negative Trend Shift?</h3> 
The daily chart witnesses a bearish crossover of the 50-day and 200-day EMAs, suggesting the continuation of a negative trend. Yet, the price hasn’t fallen below the recent low, which would confirm a bearish reversal in the trend.&nbsp;  
<a href="https://in.tradingview.com/chart/ZILUSD/LyDXgmy7-Can-Zilliqa-ZIL-Maintain-a-Bearish-Stance-Or-Take-A-Rebound/"> </a> <a href="https://in.tradingview.com/u/Ritika_TCR/"> </a> <a href="https://in.tradingview.com/"> </a>  
On the flip side, the bulls hold firmly above the recent swing low and intend to keep the price trend in their favor. Currently, the daily chart is witnessing a consolidation and sideways trend.&nbsp; 
If the bulls can surpass the price beyond the $0.025 level, it may invalidate a bearish crossover and confirm a breakout from a correction phase. Whereas, if the bears dominate and the price drops below the $0.022 level, it may indicate a trend reversal, potentially leading to a drop to the $0.02 level.&nbsp; 
<h3 class="wp-block-heading" id="strong-conclusion-strong">Conclusion</h3> 
Zilliqa Crypto is in a correction phase, with the bulls trying to defend the low to maintain an uptrend. A rise in social dominance from 0.021% to 0.075% hints at a price boost. However, a bearish crossover of the 50-day and 200-day EMAs formed over the daily chart indicates weakness in the price.&nbsp;If the bulls can surpass $0.025, it could signal the end of a correction phase. On the other hand, if the price falls below $0.022, a bearish trend towards $0.02 may follow.

Will Zilliqa (ZIL) Maintain a Bearish Stance or Take a Rebound?

İçindekiler

Thecoinrepublic.com

31 May 2024 tarihli diğer yazılar

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