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ZIL Bounces and Aims for New All-Time High Price

Analytics

beincrypto.com 05 May 2021 17:52, UTC
  
Reading time: ~2 m

Zilliqa (ZIL) has been moving upwards since April 23, when it bounced at the $0.15 support area.

ZIL is expected to continue moving upwards, at least until it reaches a new all-time high price and potentially move higher.

Current ZIL increase

ZIL has been moving upwards since April 22, when it bounced and reclaimed the $0.15 support area. So far, it has managed to reach a high of $0.229. The high was made slightly below the all-time high price of $0.257, which was reached on April 17. 

Technical indicators are bullish, supporting the continuation of the upward movement. This is especially evident with the bullish cross that has just transpired in the Stochastic Oscillator.

If ZIL continues to increase the next closest resistance area would be found at $0.343. This is the 1.61 external retracement of the most recent drop. Afterwards, there is resistance at $0.484, the 2.61 external fib retracement of the same drop.

Chart By TradingView

The longer-term weekly chart aligns with this outlook. After reaching a new all-time high, the price dropped considerably. However, it has regained previous all-time high resistance area. 

In addition, there is a massive hidden bullish divergence that has developed in the weekly RSI. This is a strong sign of trend continuation, which could lead to an upward movement.

Due to the lack of resistance above the current price, the increase could become parabolic.

Chart By TradingView

ZIL/BTC

Cryptocurrency trader CryptoTony_ outlined a ZIL/BTC chart, stating that the coin is just breaking out from a nearly two year accumulation range, and is likely to reach new highs.

Source: Twitter

The ZIL/BTC chart also looks bullish. It has broken out from a descending resistance line, and then returned to validate it as support, alongside the 300 satoshi area.

Technical indicators are bullish, supporting the continuation of the upward movement. 

As outlined in the tweet, the next closest resistance area is found at 650 satoshis.

Chart By TradingView

To conclude, ZIL is expected to reach an all-time high and increase well into price discovery. The next closest resistance levels are found at $0.34 and $0.48, respectively.

The ZIL/BTC pair also looks bullish and is expected to continue towards the next resistance area at 650 satoshis.


   Source
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