- Zilliqa price broke out of a bullish pennant formation and is on track to hit its target at $0.21.
- Momentum Reversal Indicator’s (MRI) breakout line at $0.19 has stopped ZIL's run-up.
- The bull rally could reverse if the $0.15 level is breached, as it would create a lower low.
Zilliqa price has seen an excellent run-up since its breakout, but now the rally could reverse if demand barriers fail.
Zilliqa price eyes a higher high
Zilliqa price rose 165% between mid-January and February, creating a flag pole. However, after this initial spike, ZIL developed a “pennant” as it formed lower highs and higher lows. Together, the setup is known as a bullish pennant.
The technical formation forecasted a 62% upswing to $0.21, determined by measuring the flag pole’s height and adding it to the breakout point at $0.13.
Since its breakout on March 11, Zilliqa price has rallied 50% and needs another spike in bullish momentum to complete its last leg up.
However, the breakout line at $0.19 has proven to be a stiff barrier that has prevented ZIL from crossing over. If buyers manage to gather steam that could shatter this supply barrier, Zilliqa price will complete its 62% rally and hit its intended target.
Supporting this outlook is the persistence of the recently flashed “buy signal” from the SuperTrend indicator. Hence, the likely course of action for ZIL is to slice through the MRI’s breakout line after a minor retracement to $0.16.
ZIL/USDT 12-hour chart
While things seem to be evolving when it comes to Zilliqa price, investors should note that a breakdown of the $0.15 level will create a lower low. In such a case, a 25% downtrend to the demand barrier at $0.11 seems likely.
A build-up in bearish momentum here might see ZIL retrace to $0.095.
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