Lorenzo Stroe
Independent Analyst
- Zilliqa price peaked at $0.036 after a massive 45% move.
- ZIL was trading inside a parallel channel on the daily chart before the breakout.
On November 24, Zilliqa price had an initial small breakout above the parallel channel at $0.0251 with a ton of follow-through in the following 24 hours exploding towards a high of $0.036 and still aiming to hit $0.045.
Zilliqa price breaks out and could potentially reach $0.045
After the massive 45% breakout of a descending parallel channel on the daily chart, the digital asset hit $0.036 for the first time in two years. However, using the pattern's height as a reference, it seems that the ultimate bullish price target is located at $0.045.
ZIL/USD daily chart
Additionally, this breakout also coincides with another significant breakout above a descending wedge formed on the ZIL/BTC pair months ago. The 120 satoshis region is now marked as the bottom.
ZIL/BTC daily chart
Using the height of the pattern, it can be determined that the next bullish target for Zilliqa price would be around 260 satoshis. However, despite the breakout, there has been a strong rejection at 191 satoshis.
Zilliqa price is currently only at 169 satoshis, close to the upper boundary of the pattern at 162. Falling below this crucial support level would be a notable bearish sign capable of driving Zilliqa towards the low at 120 satoshis.
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