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Vikram
Apr 15, 2022
by Vikram

ZIL Technical Analysis: Weekly Breakout Demands $0.10 Retest

ZIL
ZIL coin price shows a phenomenal bullish breakout in the weekly chart, touching $0.15. However, the sellers demand a retest of $0.10.

Key technical points:

  • The MACD and signal lines enter the positive territory.

  • The ZIL coin price has increased by 2.37% within the last 24 hours.

  • Finally, the 24-hour trading volume of Zilliqa is $1.33 Billion, marking a 200% rise.

    • Past Performance of ZIL

    The ZIL coin price action shows a phenomenal bullish breakout of a falling wedge pattern in the weekly chart. The breakout rally started from the dip at $0.038 to forming a peak at the $0.15 mark. However, the uptrend fails to surpass the $0.15 and faces higher price rejection resulting in a 22% fall last week.

    TradingView Chart

    ZIL Technical Analysis 

    ZIL coin price shows a retracement rally approaching the $0.10 mark to retest the bullish breakout. Hence, a bearish weekend is in order for the Zilliqa coin as the selling pressure increases. 

    The crucial daily EMAs maintain a bullish alignment in the weekly chart with a significant rise in the 50 and 100-day EMA to avoid bearish crossover. Hence, the EMAs play a substantial role in dynamic support in case of a downtrend.

    RSI Indicator: The weekly-RSI slope shows a retracement from the overbought boundary and approaches the halfway line. Moreover, the 14-week average line shows a parabolic reversal from the nearly oversold zone. 

    MACD Indicator: The MACD and signal lines enter the positive territory after the recent bullish crossover. Hence, the indicator projects a high possibility of an uptrend continuation after the retest. 

    In a nutshell, the ZIL technical analysis emphasizes the increased possibility of a post-retest reversal from the $0.10 mark.

    Upcoming Trend 

    The ZIL/USD weekly chart displays a bearish trend in motion after the outstanding bullish rally of 340% in March. However, the bearish trend emits a retest vibe which is why a reversal is due at the $0.10 mark. Short-term traders can find selling opportunities at the market price. 

    Support Levels: $0.10 and $0.078

    Resistance Levels: $0.13 and $0.15

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    Zilliqa ZIL
    ZIL Technical Analysis: Weekly Breakout Demands $0.10 Retest
    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.

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