menuIcon
$ 95,678.1
BTC
$ 95,678.1
0.72 %
$ 1,822.64
ETH
$ 1,822.64
0.87 %
$ 0.7028
ADA
$ 0.7028
0.77 %
$ 603.50
BNB
$ 603.50
0.16 %
$ 151.72
SOL
$ 151.72
3.02 %
Vikram
Mar 24, 2022
by Vikram

ZIL Technical Analysis: Triple Bottom Breakout Eyes The $0.058 Mark

ZIL
ZIL coin completes a bullish pattern teasing a 20% jump.

Key technical points:

  • The post-retest rally would soar ZIL price by 20%

  • The upcurved 20-day EMA suggests the rising bullish momentum

  • Finally, the 24-hour trading volume of Zilliqa is $85.5 Million, marking a 70.4% rise. 

    • Past Performance of ZIL

    The February sell-off plummeted the ZIL price to January low support at $0.377, resulting in a 35% devaluation. Furthermore, the buyers tried to breach the overhead ceiling of $0.466, but the sellers mounted a stiff resistance and reverted the coin to bottom support. The ZIL resonated between the mentioned levels for around a month, suggesting a range formation.

    TradingView ChartSource-Tradingview

    ZIL Technical Analysis 

    During the consolidation phase, the Zilliqa price retested the $0.377 support thrice, suggesting a strong accumulation zone for long traders. The technical chart also indicated the formation of a bullish triple bottom with the neckline at $0.466. On March 23rd, the buyers gave a decisive breakout from the neckline resistance, providing a long entry opportunity for traders.

    The Recovery rally breached the 20-and-50-day EMAs, indicating buyers are wresting control from sellers. Moreover, the Zilliqa price could reclaim the 100-day EMA as the bullish momentum grows.

    RSI Indicator: Following an evident bullish divergence, the RSI slope shows a parabolic rally charging stringent to the overbought region.

    MACD Indicator: The MACD and signal lines gradually approaching the equilibrium suggest the rising bullish momentum. The indicator line could soon breach the midline, providing additional confirmation.

    In a nutshell, the ZIL technical analysis gives a solid bullish signal with the breakout possibility of the 100-day EMA.

    Upcoming Trend 

    Sustaining the current retest phase, the potential rally could spike the ZIL price 20% high to the $0.58 resistance. The possible resistance that long traders could face during the journey would be $0.52 and 100-day EMA.

    However, a downside possibility is the $0.046 fallout resulting in the fall to $0.042, followed by $0.037

    Support Levels: $0.046 and $0.042

    Resistance Levels: $0.052 and $0.058

    Follow us on: News
    Zilliqa ZIL
    ZIL Technical Analysis: Triple Bottom Breakout Eyes The $0.058 Mark
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

    Top Picks