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Zilliqa Price Prediction: ZIL primed for a 30% upswing as several metrics turn bullish

  • Zilliqa price hints at another 30% rally after a breakout from a bull flag pattern.
  • A breach of a critical supply barrier at $0.085 has opened up ZIL for a quick surge to $0.12
  • On-chain volume and developer activity add credence to its bullish thesis.

Zilliqa price has increased nearly 240% between December 12 and 27, 2020. This massive parabolic rally ended as the price slid into a consolidation pattern.

Zilliqa price on a freeway to $0.12

Pausing its recent rally, ZIL was consolidating in a symmetrical triangle. Such technical formation was part of a bull flag that projects a 70% target.

Thus far, Zilliqa price has surged 30% since it broke out of the bull flag in the 12-hour chart. This leaves the possibility for another 30% rally on the table.  The SuperTrend indicator indicated a buy signal on January 30 and added to the token’s bullish scenario.

ZIL/USDT 12-hour chart

ZIL/USDT 12-hour chart

At the time of writing, Zilliqa’s on-chain volume noticed a 96% increase from $101 million to $197 million since February 7. The dramatic rise in this metric further validates ZIL’s bullish thesis.

Zilliqa on-chain volume chart

Zilliqa on-chain volume chart

Additionally, Zilliqa’s development activity surged by 50% from 0.36 to 0.54, while prices rose by 12% from $0.080 to $0.090.  Usually, investors tend to associate a spike in development activity with the new update rollouts or announcements, which can help Zilliqa price advance further.

Zilliqa developer activity chart

Zilliqa developer activity chart

Despite the overwhelming bullish indications, a breach of the immediate support at $0.085 could invalidate ZIL’s bullish thesis and trigger a sell-off. The resulting downswing could send the price down towards a confluence of support around 50 and 100 twelve-hour MA at $0.072.

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.

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