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The Zignaly coin (ZIG) price has reached the blue sky zone territory and made a fresh All-Time-High (ATH) mark in the intraday session. Trading in a sustained uptrend, the coin gained severe momentum this week.
After a couple of higher high swings and retesting the cluster of $0.130, buyers succeeded this time in breaching out the zone and recorded a new high. Its price projections favored the mighty bulls and signified their outperformance at the time of writing.
For the past few months, the ZIG price traded in a significant closed range and displayed choppy moves within the range. However, this month was a boon for the bulls, and they gained a sharp momentum.
Since the beginning of July, the chart depicted volume-based buying activity and accumulation. A golden crossover and a sharp rebound from the $0.1000 mark gave birth to a new breakout.
However, the breakout trapped the sellers, and a short covering move was spotted on the chart.
Notably, the Fib extension tool gave a firm conviction that the breakout was worth buying, and the upcoming targets were around $0.1460 and $0.1500.
How is the ZIG Token Price Doing Right Now?
When writing, the Zignalytoken was trading at $0.1387 with an intraday surge of 5.86%, reflecting buying momentum on the chart. It has a monthly return ratio of 80.20% and 229.30% yearly, reflecting a long-term uptrend.
The pair of ZIG/BTC was at 0.00000208 BTC, and the market cap was $201.60 Million. Analysts were bullish and suggested that the ZIG price might stretch the breakout rally and soar 2x ahead.
Can Zignaly Price Bulls Continue to Exert Pressure?
After a bullish surge of over 40% this week, the ZIG token reached new highs and breached multiple clusters. It looked set to extend the bullish leg forward and was ready to sprint the rally ahead.
After a three-month consolidation, ZIG finally breached out of range. Generally, when the asset comes out of a range, it sets for a vast surge and can surge over 20-40% shortly.
Its RSI and MACD indicators gave a bullish overview as the coin hit new highs. Similarly, the Money Flow Index (MFI) favored the buying pressure.
Per the Fib extension tool, the coin might extend its bullish leg up to the targets of $0.1520, followed by $0.1570 in the near term.
In terms of the market cap, ZIG ranked at 224 and had a total supply of 2 billion at press time.
@CryptoBullet, in his X post, guided a bullish stance on the ZIG price action. He gave a macro level target of $1.25, followed by $4.20, and guided an optimistic outlook.
$ZIG Macro chart
— CryptoBullet (@CryptoBullet1) July 23, 2024
Maintaining the initial uptrend 👌
I won’t be surprised if it switches to trend 2 (less steep) at some point.
As long as #ZIG stays above the 30-Week EMA I’m expecting Wave 5. After that we might get a correction and then see more upside 📈
📍 0.786 Fib is the… pic.twitter.com/BL7bA5OaDj
More on the Social Front of ZIG
The Social Dominance Data revealed a speculative move, reflecting a sharp, volatile one. Notably, this strategic shift indicates that significant chatter among the investors was on the horizon regarding the new highs recorded in the coin.
The immediate support levels for the ZIG price at the time of writing were $0.1370 and $0.1300. Its key upside hurdles were around $0.1470 and $0.1500.
Its development data reflected flat movements and stayed below the zero line, directing neutral growth prospects in the ecosystem.
What’s Next for ZIG After Hitting New Highs?
The Zignaly coin price went beyond the barriers and reached uncharted territory. Both the leading and lagging indicators gave a bullish overview, and sustained buying pressure might fuel the rally ahead.