December 5, 2022

Zilliqa Joins Bull Market, Shatters Consolidation Phase

2 min read

After breaking out of a bullish flag and a month-long consolidation period, Zilliqa is primed for another leg up.

More Gains on Zilliqa’s Horizon

The 214% bull rally between Dec. 14 and Dec. 27 produced the pattern’s flagpole. Meanwhile, the coming down parallel channel that developed ever since formed the pattern’s flag.

A current spike in buying pressure enabled ZIL to slice through the flag’s upper trendline at $0.078, signifying a possible breakout.

If buy orders continue to pile up, Zilliqa’s market value could rise by nearly 70% towards $0.13. This target is determined by measuring the flagpole’s height and adding that distance to the breakout point.

Zilliqa US dollar price chart
ZIL/USD on TradingView The parabolic stop and reverse, or & ldquo; SAR, & rdquo; includes credence to the optimistic outlook. This trend-following indication forecasts that Zilliqa’s drop reached exhaustion within the same amount of time. Each time the stop and turnaround points move below a property’s rate, it is thought about a favorable indication. Hence, the recent flip over recommends that ZIL’s trend direction changed from bearish to bullish.

Historically, the stop and turnaround system has been highly reliable in figuring out the course of Zilliqa. The last two times the parabolic SAR flashed buy signals on the 12-hour chart, ZIL’s price surged by 14% and 95%, respectively.

Zilliqa US dollar price chart

ZIL/USD on TradingView As long as the 50-twelve-hour moving typical continues to hold, the optimistic outlook will remain intact. However, by slicing through this crucial assistance barrier, the chances will drastically increase for a considerable correction.

If this were to happen, the 100- and 200-twelve-hour moving average would come into play. These interest locations currently hover around $0.056 and $0.038, respectively.

At the time of writing, this author held Bitcoin and Ethereum.