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- ZIL coin price boosted up, with a morning star pattern in the daily timeframe, more than 60%
- Currently, the coin price has crossover 50 EMA recently in the daily timeframe, implying the continuation of the uptrend.
- The ZIL/BTC pair is trading at 0.000003682 with an intraday gain of 19.66%
Source- tradingview
ZIL coin price faced a supply dump resulting in a 50% downside move; however, the morning star formed, near an important support level, has pushed the price back up in the daily timeframe. The boost resulted in the price crossover of the 50 EMA in the daily timeframe and pushing the price back in the parallel channel. The live Zilliqa price today is $0.204479 with a 24-hour trading volume of $633,127,537. Zilliqa is up 23.69% in the last 24 hours. The live market capitalization of the coin is $2,294,390,461.
Low volume rejection equals resting time for momentum
Source- tradingview
ZIL had made a double bottom pattern in the 4-hour timeframe after the fallout from the 52-week high level inside the parallel channel. However, the breakout of the double bottom pattern has brought price back inside the channel a little.
A short-term pullback is expected to give a retest for the breakout. The coin price has soared 23% up in the last 24 hours. The coin price has faced resistance from the $0.22 level resulting in a red candlestick. The levels of $0.14 and $0.12 are the immediate support, whereas the immediate resistance level is $0.22 and the all-time high level of $0.25.
According to the 4hour timeframe, the recent bearish crossover of 50 (yellow) and 200 (white) EMA indicated a downtrend. Still, the coin price pushed back up and crossover both the EMA and is now implying a bullish crossover.
The RSI (bearish) indicates bearish momentum while trading at 68.7. The RSI line is dipped and is now returning from the overbought zone.
The ADX indicates a gaining momentum as it is trading at 29.5 while the spike in ADX increases, implying a positive growth of momentum.
Conclusion – ZIL coin price has recently exhibited a breakout of a double bottom pattern suggesting the start of an uptrend. The breakout of the resistance level of $0.22 will probably lead to the formation of the new all-time high. However, the recent rejection from this level drives the price lower, but the declined selling volume has kept the chances of breakout alive.
Support- $0.14 and $0.12
Resistance- $0.22
Author- Vishal