- Zilliqa price is bounded inside a descending triangle pattern on the hourly chart.
- The digital asset experienced a fakeout and managed to recover but remains highly indecisive.
Zilliqa had a violent 6% drop below a critical support level at $0.074 from which it recovered within the next 30 minutes. Despite the recovery, the direction of the trend is still not clear.
Zilliqa price shows bearish and bullish signs at the same time
The breakdown below the critical support level at $0.074 seemed like a clear bearish sign. However, bulls managed to buy the dip and pushed Zilliqa up to $0.079 before plummeting again down to $0.074.
ZIL/USD 1-hour chart
The past two hourly candlesticks show that investors are indecisive. A breakdown and close below $0.074 would push Zilliqa price down to $0.055, which is a 26% drop calculated using the height of the descending triangle pattern.
However, it’s also entirely possible for the bulls to push Zilliqa price up to the resistance level at $0.08, which is the upper boundary of the pattern. A breakout above this point would drive ZIL towards a high of $0.1.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Latest Crypto News & Analysis
Editors’ Picks
Fundamentals grow strong despite crypto market-wide correction
The cryptocurrency market is dealing with a broad-based correction that has been attributed to Bitcoin's rebuff from the record high of $58,000 in February.
XLM on the brink of a 35% move according to key indicator
Stellar has been trading relatively sideways for the past week while volatility dropped significantly. The digital asset is contained inside a symmetrical triangle pattern which is on the verge of bursting.
DOGE on the brink of 37% downswing despite Mavericks' support
Dogecoin was the hottest topic in the cryptocurrency industry in February. It was mentioned on Twitter a lot more than Bitcoin while enjoying Tesla founder Elon Musk's support.
ADA ready to resume uptrend towards $2
Cardano price showed signs of a recovery as bulls managed to keep ADA above a critical support barrier. Now, a reversal in momentum could put the so-called “Ethereum killer” back on track to $2.
Bitcoin Weekly Forecast: BTC journey to $100,000 might be easier than expected
This past week has been extremely beneficial for Bitcoin which jumped by 30% since Monday 8. Several positive announcements, especially Tesla purchasing $1.5 billion worth of the digital asset propelled the flagship cryptocurrency to new highs.