Early May Update: Technicals
Zilliqa’s daily ZILBTC chart still looks bleak – ZIL is welded in a descending channel, currently sliding along the bottom line of that channel. Intermediate trend is bearish and we would need a strong break through the upper line of the descending channel on a strong volume to confirm a trend change. That is a very unlikely scenario from the current standpoint.
The Tether drama bubbled up again, while bitcoin just did an unexpected, violent jolt upwards and the market is shaken. Until the Tether smoke clears and bitcoin price consolidates, it is highly likely that ZIL and other altcoins are going to stagnate with a slight tilt downwards and slow price leakage.
ZIL is down 10% in USD on the week and a whopping 28% on BTC in the same time-frame.
Trading volume is relatively low – reported volume in the last 24hrs is $14.3m (the strongest volume day in April for ZIL was April 6th with $46.2m) and “Real 10” (trading volume on the exchanges that provably prevent wash trading) volume is 4x lower – $3.6m. This means that ZIL’s liquidity is only moderately inflated and its trading volume is overstated by 3x which is comparatively great ratio.
In the last 24 hours, 24% of trading has been on Binance, followed by BiteBTC, Upbit and EtherFlyer. Most traded ZIL pair has been ZILBTC – 46%, followed by ZILETH at 24%.
Moreover, ZIL has a somewhat strong buy support, according to coinmarketbook.cc. Buy support is measuring sum of buy orders at 10% distance from the highest bid price. This way we can eliminate fake buy walls and whale manipulation and see the real interest of the market in a certain coin.
ZIL currently has a $647k of buy orders measured with this method, which sets ZIL buy support/market cap…