- ZIG token’s price has jumped by 78% in less than 4 weeks.
- The Zignaly price has increased by 394% YTD, indicating the bulls’ grip.
- Its trading volume has increased by 107% in the past 24 hours.
In a daily time frame, the ZIG price chart displayed bullishness and reached the crucial breakout level. The price has performed positively throughout this year and gained around 400% YTD.
The digital asset price rose by defending its last swing highs and has remained at over the 200-day EMA. Sellers have attempted thrice to drag the price below the $0.0750 hurdle, but buyers eventually dominated.
At press time, the Zignaly crypto traded at $0.140 with an intraday gain of 4.50%. Its market capitalization was $200.97 Million, and the 24-hour trading volume was $14.15 Million.
Will ZIG Price Remain Profitable Ahead?
A source on X claimed that the Zignaly crypto price has maintained the initial uptrend. In a weekly time frame, the price has been rising by taking support on an ascending triangle pattern.
$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
The price may remain bullish if it stays over the 30-week EMA. The price can reach the $1.25 mark as the main target and $4.20 as the optimistic target.
ZIG Price in Parallel Channel: Will It Trigger a Breakout of Profit Booking Ahead?
In a daily time frame, the Zignaly crypto price has displayed a bullish trend for the past few months. After a bullish trend, the price has stuck in a parallel channel and reached the crucial breakout level.
If the ZIG price triggers a breakout from the channel and sustains, it may invite buyers. Suppose the trading volume increases during the breakout; bulls may become confident and dominate further.
Assuming the chart structure attracts investors, the price may keep surging. Investors may eye the $1 hurdle in the long term.
On the other hand, if the price faces resistance from the 0.130 hurdle, investors might prefer to book profit. The profit booking on a higher scale may lead to strong selling pressure.
Based on the technical indicators, the ZIG price has been trading over the key moving average, which showcased the bullish forecast. MACD has generated green histograms, and the Signal line was over the Zero line.
The ZIG Price Analysis
The ZIG crypto price has shown significant bullish momentum with strong potential for further growth. It was currently at a crucial level of breakout.
If it manages to sustain this momentum, it could attract more buyers and continue its upward trend.
However, it’s important to be mindful of potential resistance levels, such as the $1 hurdle and the possibility of profit booking leading to selling pressure.
Monitoring the price’s behavior within the parallel channel and key resistance and support levels will be essential for making informed investment decisions.
Technical Levels
The immediate support levels for Zignaly crypto at the time of writing were $0.0970 and $0.0750. The crypto asset price could face resistance from the $0.160 and $0.200 levels.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
