IN BRIEF

  • We observe a support at $0.0175 and a resistance at $0.0243.
  • Long-term technical indicators are bullish/neutral.
  • The ZIL/BTC pair moves between 142 satoshis support and 225 satoshis resistance.

Zilliqa (ZIL) has regained a large support zone and should continue to rise as long as it stays above this support.

Zilliqa exchange range

The ZIL has been falling since October 11th when the price closed at a local high of $0.0306 on June 11th. After peaking below $0.028 on August 11th , the price resumed its downward movement to a low of $0.012 on September 21st.

The price is currently trading above the $0.0177 zone, which has alternately served as support and resistance. Since the beginning of October, the price has validated this zone three times as support.

Technical indicators are neutral, with a bullish bias. The MACD, the RSI and the stochastic oscillator are positive, but their slope has started to recover.

If the price rises, the closest resistance will be $0.0243.

The longer-term weekly chart gives us a similar view, although the range is wider, from $0.0138 to $0.267. The chart also shows a similar view, although the range is wider, going from $0.0138 to $0.267. At the time of writing, the price had bounced back above $0.0138, creating a bullish candlestick recovery.

The reading of the technical indicators is also similar to the reading of the daily time scale. The RSI is above 50 and the Stochastic Oscillator generated a bullish cross, but the slope of the latter also became negative, and the rise in the RSI lacked strength.

That said, as long as the price moves above the $0.0138 support, the most plausible scenario would be a rally towards the $0.0267 resistance.

Wave count

Cryptoney trader @TheEWguy highlighted a chart of the ZIL, saying he sees a possible bullish momentum developing.

Since the previous peak on August 11th, it appears that the course has completed a typical A-B-C formation (in black below). The A:C waves present an exact 1:1 ratio. In addition, there are clearly five underscored sub-divisions in wave C (in blue).

In this case, the price started a new upward momentum following the 21 September low.

The price would then have completed waves 1 and 2 of the new impulse (in blue), created by an expanding diagonal (in orange) and an A-B-C correction that reached the 0.5 fibonacci level of the entire upward movement.

A decline below the wave C trough would reject the short-term account (in orange), while a decline below the September 21 trough at $0.012 would cancel out the bullish assumption.

In conclusion, it is possible that the ZIL has started a new bullish momentum and will continue its rally towards the resistance zone outlined above.

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