• Zilliqa (ZIL) has seen a 10.93% jump while retesting the 20-day EMA.
• Yesterday saw a 24.15% surge that demolished both the 20-day and 50-day EMAs.
• Technical analysis suggests a bullish sentiment across the short, medium, and long-term.

Zilliqa (ZIL) has seen an impressive start to the year 2023, with the cryptocurrency closing six consecutive green daily candles for a 10.93% jump while retesting the 20-day Exponential Moving Average (EMA). This is just the beginning, however, as yesterday saw an even more impressive 24.15% surge that demolished both the 20-day and 50-day EMAs. Today, prices have continued to climb with an 18.67% rise thus far.

This impressive performance has left investors asking the question of where ZIL’s price could go from here. To answer this, we must take a look at the technical analysis of the cryptocurrency. The Relative Strength Index (RSI) currently sits at 80.44, in oversold territory. This suggests that while the cryptocurrency has been on a parabolic rise in the past two days, traders must anticipate a possible retracement and a consolidation before moving up further.

The Moving Average Convergence Divergence (MACD) is in a bullish crossover position, with the MACD line breaking out from the zero line due to the recent strong upward trend. The MACD is healthy with a steady and gradual increase in the histogram.

The technical analysis of ZIL suggests a bullish sentiment across the short, medium, and long-term. The 20 day, 50 day, and 100 day EMAs must arrange themselves in ascending order for this to be reinforced further, with the shorter duration of EMA should be above its longer-term counterparts. If the current market conditions continue, prices could continue to skyrocket and exceed previous all-time highs.

Investors must, however, remain wary of the risks associated with any digital asset, as the crypto market is volatile and unpredictable. As such, before investing they should always do their own research and be prepared for potential losses.