|

Zilliqa Price Prediction: ZIL prepares for a 70% bull rally to $0.12

  • 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

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

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.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

More from Akash Girimath
Share:

Editor's Picks

Crypto Today: Bitcoin, Ethereum, XRP lag recovery as Israel and Iran attack each other

Cryptocurrency prices remain under pressure on Monday as market participants navigate tensions in the Middle East after Israel and Iran attacked each other for the first time since the peace deal agreement that was reached in Early April.

Bitcoin Price Forecast: Institutional selling, Middle East tensions keep BTC under pressure

Bitcoin remains under pressure, struggling below $64,000 on Monday after posting its worst one-week return this year. Institutional sell-off remains severe with spot Exchange Traded Funds recording the fourth week of steady outflows of billions since mid-May.

Hyperliquid rebounds as retail interest offsets first-ever ETF outflows

Hyperliquid price is up 6% at press time on Monday, extending the 5% rebound from the previous day. The rebound aligns with HYPE's regaining retail strength in the derivatives market, offsetting the first-ever daily outflows from Exchange-Traded Funds.

Pi Network extends bearish trend as low volumes stall recovery

Pi Network (PI) price hovers below $0.1300 at press time on Monday, following its sixth consecutive weekly loss of 12%. A declining trend in trading volume shadows the falling PI token prices, reflecting weak demand failing to absorb supply pressure.

Bitcoin: After the bloodbath, everyone looks at $60,000
Bitcoin (BTC) hovers above $62,000 at the time of writing on Friday, weighed down by growing risk-off sentiment due to persistent geopolitical tensions in the Middle East and sticky macroeconomic uncertainty. The institutional sell-off continued to wreak havoc on capital flows, with spot Bitcoin Exchange-Traded Funds (ETFs) recording billions in outflows.