|

Zilliqa Price Prediction: ZIL is bound for a steep correction before ultimate 1,000% breakout

  • Zilliqa price remains inside a robust daily uptrend fishing for higher highs.
  • There are several indicators showing a potential pullback in the short-term before continuation of the uptrend.

Zilliqa is up by more than 170% in the past two months and its trading at $0.0322 inside a strong daily uptrend way above the 50-SMA or the 100-SMA. The digital asset seems to be pulling back strongly after a sell signal was presented on the daily chart.

Zilliqa price faces strong selling pressure in the short-term

The TD Sequential indicator presented a sell signal on December 6 which seems to be getting bearish continuation in the past 24 hours. The next bearish price target seems to be located at $0.0246 which is the 0.5 Fib retracement level and also the 50-SMA support level on the daily chart.

zil price

ZIL/USD daily chart

We have recently mentioned the potential of Zilliqa price breaking out of a reverse head and shoulders pattern on the weekly chart, which was confirmed this week. The previous neckline at $0.028 could also be a potential support level if there is more selling pressure.

On the other hand, considering that ZIL did break out of an inverse head and shoulders, which is a heavily bullish pattern, the digital asset can easily continue climbing higher as there isn’t a lot of resistance to the upside, potentially targeting the next psychological level at $0.04.

Author

Lorenzo Stroe

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

More from Lorenzo Stroe
Share:

Editor's Picks

Ripple Price Forecast: Sellers retain control as Evernorth Holdings files with SEC to buy more XRP

Ripple’s (XRP) correction on Monday is deepening below $1.30, reflecting growing headwinds in the broader cryptocurrency market. Based on the token’s technical picture, the path of least resistance could stay downward until the $1.30 supply area flips into support.

Bitcoin stalls around $80,000 as geopolitical tensions dampen risk appetite

Bitcoin hovers around $80,500 on Monday after three straight weeks of correction. Rising geopolitical tensions in the Middle East continue to push oil prices higher, stoking inflation concerns and dampening risk appetite.

Crypto Today: Bitcoin, Ethereum and XRP extend losing streak as bearish momentum builds

Cryptocurrency prices are broadly correcting on Monday, led by Bitcoin’s five-day sell-off. Ethereum edges lower and trades around $2,325, as sellers build momentum to retain control over the trend. Meanwhile, Ripple shows signs of consolidating.

Pi Network Forecast: PI token remains under bearish pressure despite network access and security upgrade

Pi Network trades around $0.075 on Monday, holding steady after two consecutive days of roughly 2% losses, resulting in the lowest weekly close ever. Pi Network rolled out desktop version 0.6.4 on Thursday, focused on improving remote access and security for local AI apps.

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.