Zilliqa Price Prediction: ZIL primed for 55% breakout
|- Zilliqa price starts the week on the back foot with a firm rejection.
- ZIL long-term chart points to a squeeze with bears set to break.
- On the breakout, expect to see a quick rally up toward $0.045.
Zilliqa (ZIL) price is set to break out of its bearish ceiling as the room is getting too small to handle the number of bulls that are flocking into ZIL price action. With pressure building against the cap at $0.033, bulls burned their fingers in early ASIA PAC trading this week by receiving a rejection against that cap. Expect to see pressure keep on building against that level with a clear break that will see a very quick run up toward $0.045 near the monthly top resistance level.
Zilliqa is set to make one of its best performances for 2023
Zilliqa price is setting the scene for what needs to be the best moment of 2023. As traders have had plenty of time to assess the current situation in financial markets, it has become clear that being long altcoins and cryptocurrencies is one of the most crowded trends. The proof is in the pudding for ZIL with a clear bullish squeeze that is set to break the bearish force around $0.033.
ZIL bulls already tried to break it down at the start of this week and instead received a rejection that set them back around 4%. There is nothing to panic about since this week is not holding any big events, which opens the door for some bullish movements. Ideally, by Thursday the cap will be torn down and bulls will get a free ride all the way up toward $0.045 at the monthly R3 for a 55% gain.
ZIL/USD Weekly chart
The big risk is at hand with the rejection bulls already experienced in the ASIA PAC session that pushed them away from the high of last week. The risk here is that the fade continues with bears getting the upper hand, pushing price action even lower. Expect to see support come in around $0.025 with the 55-day and the 200-day Simple Moving Averages (SMA) as circuit breakers to slow down the descent.
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