|

Zilliqa Price Forecast: ZIL could rally 15% if it closes above $0.11

  • Zilliqa price has seen significant returns since it closed above the 12-hour 100 SMA on February 1.
  • This rally could continue if ZIL closes above a crucial level at $0.11.
  • A correction may come into the picture if support at $0.09 is invalidated.

Zilliqa price witnessed a 325% upswing between December 1 and 27, 2020. However, the Doji candlestick on the 12-hour chart signalled the end of this rally. The resulting pullback pushed ZIL into a consolidation pattern until its breakout on February 1.

Zilliqa price pushes for a higher high

Zilliqa price has risen nearly 60% since its close above the ascending triangle pattern on February 1. Interestingly, the bounce from the 12-hour 100 SMA helped ZIL find a foothold required for this breakout.

Now, Zilliqa faces selling pressure around the $0.11 price level. Therefore, a 12-hour candlestick close above this barrier confirms the bullish momentum. This could allow the token to rally another 15% to hit $0.12.

ZIL/USDT 12-hour chart

ZIL/USDT 12-hour chart

The Moving Average Convergence Divergence (MACD) indicator reinforces ZIL’s bullish outlook. In addition to being in the positive range (above the zero-line), the MACD line (12 SMA) has stayed above the signal line (26 SMA), preserving the bullish crossover.

ZIL price saw a 17% jump between February 10 and 11, when the developer index increased by 17% from 0.17 to 0.20. Usually, investors perceive this as a bullish sign since project rollouts or updates often follow high developer activity.

Zilliqa Developer Activity chart

Zilliqa Developer Activity chart

While everything seems to be looking up for ZIL, investors should note that rejection at the $0.11 level could push ZIL down to the support at $0.09. A breakdown of this support due to increased selling pressure will invalidate ZIL’s positive outlook. Hence, a resulting correction could send ZIL down to the 12-hour 100 SMA around the $0.075 level.

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

XRP struggles to hold modest gains as risk-off mood caps upside

Ripple (XRP) hovers above $1.15 on Tuesday, following a rejection near $1.20. The remittance token mirrors the broader risk-off mood, with Bitcoin (BTC) stalling around $63,000 and Ethereum (ETH) trading below $1,700.

Crypto Today: Bitcoin, Ethereum, XRP edge lower despite Middle East tensions easing

Cryptocurrency prices trade amid persistent selling pressure on Tuesday. Bitcoin (BTC) hovers near $63,000, Ethereum (ETH) above $1,650, and Ripple (XRP) around $1.14.

Venice risks bearish reversal amid easing demand and revenue

Venice holds near $16 on Tuesday, extending consolidation after correcting from all-time highs last week. On-chain data show a decline in token staking and burning amid a declining revenue stream, suggesting weaker demand.

Bitcoin Price Forecast: Persistent ETF outflows continue to limit recovery

Bitcoin trades slightly lower on Tuesday after struggling to hold above $64,000, a level that coincides with key daily resistance. Risk sentiment improved slightly after Iran and Israel halted a military escalation following an exchange of strikes.

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.