fxs_header_sponsor_anchor

Zilliqa Price Prediction: ZIL pushes for a 40% move towards $0.10

  • Zilliqa price has seen a significant breakout from a descending triangle pattern on the daily chart.
  • ZIL bulls aim for a 40% move towards $0.10 in the longer-term.
  • On-chain metrics suggest that Zilliqa can climb higher without any barriers ahead.

Zilliqa had a massive run towards $0.0998 by the end of 2020 and has been under consolidation for the entirety of 2021. ZIL is currently trading at $0.089 after a significant breakout from a crucial pattern.

Zilliqa price aims for $0.10 with no opposition ahead

On the daily chart, the breakout above the descending triangle pattern formed has a price target of $0.10 which is calculated by subtracting the difference between the top and the bottom, $0.03, in this case, and adding it to the breakout price of $0.07, which gives us a $0.10 target.

ZIL/USD daily chart

On the 1-hour chart, a symmetrical triangle has formed with the resistance trendline right around $0.08, the current price. A breakout above this point will lead Zilliqa price towards $0.09 in the short-term.

ZIL Social Volume

In the past week, we have seen two major spikes in social volume on January 30 and 31, and both predicted upcoming corrections. Although Zilliqa price is higher now, the social volume is far lower which indicates the digital asset can climb higher.

ZIL/USD 1-hour chart

However, it seems that ZIL price is getting rejected from the top trendline resistance and could quickly fall towards the lower trendline at $0.78. A breakdown below this level will drive Zilliqa price down to $0.068.

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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.