Jonathan Morgan
Independent Analyst
- Zilliqa price exploded higher by nearly 103% on Saturday.
- Bulls attempt to extend the recent rally.
- ZIL may continue higher despite more than doubling its value.
Zilliqa price has been one of the biggest surprises over the last week. After gaining 28% from March 14, 2022, to March 25, 2022, Zilliqa extended those gains another 122% on Saturday and Sunday, bringing the total gain since March 14 to 172%, having been as high as 225% at one point.
Zilliqa price may not experience a pullback despite the recent rally; it could move to $0.15
Zilliqa price action has been impressive. The 122% gain on Saturday and Sunday eliminated all the losses of the past 4.5 months. ZIL is now trading where it was in early November 2021. As a result, many traders may anticipate a deep sell-off.
Currently, the level that Zilliqa price is finding difficulty breaking above is the 2021 Volume Point Of Control at $0.11. The Volume Point Of Control represents the price level where the most buying and selling has occurred – creating one of the most important and strongest support and resistance levels in technical analysis.
The constant pressure against the 2021 Volume Profile suggests that Zilliqa price may move and close above that level. ZIL has already closed above the 61.8% Fibonacci retracement (2022 low to the high of the weekly strong bar in May 2021) at $0.10. A breakout above the 2021 VPOC at $0.11 would likely trigger another massive spike because the 2021 Volume Profile above $0.11 becomes extremely thing.
ZIL/USDT Daily Ichimoku Kinko Hyo Chart
Resistance would likely be seen at the psychological price level of $0.15. If bulls fail to push Zilliqa price above $0.11, then a pullback is very probable but limited to the support cluster at $0.08, where the Tenkan-Sen, Kijun-Sen, and 50% Fibonacci retracement exist.
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