Zilliqa Price Forecast: ZIL could skyrocket 60% as it slices through a critical level
|- Zilliqa price breaks out of a bullish pennant formation, indicating an uptick in buyers.
- A 60% upswing to $0.21 can be expected if ZIL forms a higher high at $0.15.
- The sell signal from the Tom DeMark (TD) Sequential indicator could deter this bull rally or even invalidate it.
Zilliqa price has broken out of a bullish consolidation pattern suggesting a potential 60% upswing shortly. However, a specific technical indicator’s sell signal hints that this uptrend will not be a walk in the park.
Zilliqa price eyes a lower low
Zilliqa price has established a series of lower highs and higher lows since February 13, forming a pennant. However, considering the 168% upswing seen between January 27 and February 12 as a “flag pole,” ZIL seems to be traversing a bullish pennant.
This continuation pattern forecasts a 60% bull rally to $0.21, determined by adding the flag pole’s height to the breakout point at $0.13. Although ZIL has sliced through the key level at $0.13, a decisive close above $0.150 is a must. Such a price action creates a higher high confirming the resurgence of bullish momentum.
Adding credence to this bullish outlook is the SuperTrend indicator’s buy signal flashed due to the 11% surge in the current12-hour candlestick.
ZIL/UDT 12-hour chart
While the overall outlook for ZIL is bullish, investors should note that the TD Sequential indicator has presented a “sell signal” in the form of a green nine candlestick on the 12-hour chart. This setup forecasts a one-to-four candlestick correction, which could put the upswing in jeopardy, especially if Zilliqa price re-enters the pennant.
However, a decisive close below the recent low at $0.10 could spell disaster for ZIL as it could result in a 15% pullback to 0.090.
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.