- Zilliqa price hints at a 70% surge as it breaks out of a bull flag pattern.
- Invalidation of the conflicting sell signal presented by the TD Sequential indicator is key to ZIL’s rally.
- Breaking through the $0.08 resistance will help confirm the bullish outlook, leading to a run-up to $0.12.
Zilliqa price recently broke out of the bull flag, indicating that it is ready for higher highs. A decisive close above a critical resistance level can quickly push ZIL's market value by 70%, but a failure will drag it down into stagnation.
Zilliqa price at crossroads as bulls fight bears for control
Zilliqa price cut through the 50 twelve-hour SMA after bouncing from the 100 twelve-hour SMA, showing intense buying pressure in the market. The uptick caused a breakout from a bull flag pattern on a 12-hour chart, triggering an opportunity for a 70% rise in ZIL's market value.
Now, Zilliqa price needs to stay above the recent highs formed at $0.08 to take advantage of the bullish opportunity.
ZIL/USDT 12-hour chart
A successful close above the $0.08 resistance barrier will trigger a buy-signal by the SuperTrend indicator within the same time frame. Slicing through this crucial price hurdle will also invalidate the TD Sequential indicator’s sell signal presented in the form of a green nine candlestick.
Therefore, investors must pay close attention to the $0.08 resistance since it will determine whether or not Zilliqa price will skyrocket by 70% to meet the bull flag’s target at $0.12.
ZIL/USDT 12-hour chart
It is worth mentioning that a rejection from the $0.08 resistance level would help confirm the sell signal presented by the TD setup and result in a one to four 12-hour candlestick retracement. On its way down, ZIL may find support around the 50 or 100 twelve-hour SMA.
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
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: ETH sizes the spotlight as BTC and XRP contemplate retracement
The hype around Coinbase’s IPO was matched by Bitcoin and Ethereum, which surged to new all-time highs. On the other hand, Ripple price faced an abrupt stop as investors began booking profits.
Stellar aims for new all-time highs if key support holds
Stellar has enjoyed an amazing rally since the beginning of 2021 and hit a yearly high at $0.69 on April 14. The digital asset must hold a crucial support level to continue with the uptrend and reach new highs.
Cardano resets before the next leg up to new all-time highs
Cardano price faced exhaustion of bid orders as it hit the base of an ascending triangle at $1.48. A minor retracement to the immediate demand barrier at $1.34 seems likely. Shattering the resistance level at $1.48 forecasts a new all-time high for ADA.
Algorand Price Prediction: ALGO vies for 85% advance upon the breach of its consolidation
Algorand price is traversing a bullish pennant, hinting at an 85% upswing to $2.83. A decisive close above $1.53 will signal a breach of the pennant’s upper trend line. ALGO will kick-start a new downtrend if it slices through the 50% Fibonacci retracement level at $1.03.
Bitcoin Weekly Forecast: SEC commissioner cozies up to BTC ETF, on-chain metrics reset making way for volatile move
Bitcoin’s mainstream adoption has soared over the last couple of months, with institutions like Visa, Goldman Sachs, Morgan Stanley, and others dipping their toes in the BTC markets. Likewise, prices look primed to advance further despite the ongoing consolidation phase.