- Zilliqa price prediction gives information about the recent recovery of the ZIL token which has been under a bearish influence
- The ZIL crypto price delivered year-to-date gains of 5%
- ZIL token price is forming an ascending Triangle that has the potential to Spark a bullish rally.
Zilliqa’s (ZIL) price prediction gives information about the recent recovery of the ZIL token, which has been following a strong downtrend since April 2023. The market made a double top of $0.03706 and began a descent in April 2023. This caused the market to tumble by 57% to its critical support level of $0.0154. Since then, the Bulls have demonstrated a swift recovery of almost 60% to the resistance level of $0.02450 before the recent correction to the current market price.
At the time of writing, the current market price of Zilliqa is $0.0213. The 24-hour trading volume surged 12.95%. The market is up by 3.20% in the last 24 hours. The overall market cap of ZIL is $337,107,397.
Will The ZIL Token reach the price targets of the descending channel?
Zilliqa’s (ZIL) price prediction reveals the formation of a descending channel pattern on its way down. The ZIL token has managed to escape the descending channel pattern to the upside full stop; however, the breakout lacks strong momentum and also a significant buying volume, which can give more confirmation about this breakout to the upside.
At present, the market is trading below the 200 exponential moving average, which is a key indication that the sellers still control the prices and the overall trend remains bearish. The ZIL Crypto price made a correction of almost 15% from its recent level and has been consolidating in a symmetrical triangle pattern, which can be seen on the 4-hour chart.
Can The Zilliqa Crypto Break the Symmetrical Triangle Tu the Upside?
The 4-hour chart displays that the ZIL token is following an up trend in the short term. The price has transitioned into a consolidating pattern, which is a symmetrical triangle. Also, the price moves around the 200 exponential moving average, which is an indication of a sideways market condition. This symmetrical triangle pattern will be the trigger point for the market that will establish the direction in the short term.
Since the formation of this symmetrical triangle, the volume has declined along with the momentum, which is a clear indication that volatility is coming very soon. Investors should get ready for a breakout in the short term. Since the symmetrical triangle does not have a specific bias, Investors will have to wait for the breakout to know the direction of the ZIL token price in the short term.
RSI: The RSI indicator is currently at 61.49 It represents strong bullish conditions where the price may surge aggressively. The market is oversold and the price may continue to rise until the RSI goes below 50
MACD: MACD has made a bullish crossover below the 0 line. This is an indication of a bullish momentum and the price may rise until the MACD makes a bearish crossover.
200 EMA: On the 4-hour chart, the price is above the 200 EMA. This means that the market is bullish with the control of the buyers. The 200 EMA acts as a dynamic support, and the price may increase until it subsides the 200 EMA.
Conclusion
Zilliqa’s (ZIL) price prediction gives information about the recent recovery of the ZIL token, which has been following a strong downtrend since April 2023. The recent recovery has revived hopes for the buyer, although the overall trend still remains bearish. However, if the price breaks the symmetrical triangle to the upside, it will help to extend the recovery of the ZIL token and contribute to a bullish reversal. Until then, investors are advised to maintain a proper risk management strategy to make sure that the losses are in check.
Technical Levels
- Support Level: The nearest support level is $0.01950
- Resistance Level: The nearest resistance level is $ 0.02450
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.