Lorenzo Stroe
Independent Analyst
- Zilliqa price is contained inside an ascending parallel channel formed on the 12-hour chart.
- The digital asset is trading in the middle of the pattern above several key levels.
- Good chance for ZIL to see a 25% upswing towards $0.22.
Zilliqa price has been trading inside a massive ascending parallel channel for almost two months now. There is a lot of uncertainty with the asset's short-term price action, even though bulls seem to be the favorite at the time of writing.
Zilliqa price aims for a 25% upswing but needs more
On the 12-hour chart, Zilliqa is trading around the middle of the ascending parallel channel. The digital asset defended the 50-EMA support level with a target aimed at a significant 25% upswing toward the top trendline of the pattern at $0.22.
ZIL/USD 12-hour chart
However, the middle trendline at $0.188 will act as a strong resistance level for Zilliqa. Rejection from this point will quickly push ZIL toward the 50-SMA and 50-EMA, both coinciding at $0.163.
Rejection from this point will quickly push ZIL toward the 50-EMA at $0.163.
ZIL/USD 12-hour chart
The most significant support trendline is $0.155, which is the lower boundary of the ascending parallel channel. A breakdown below this point has the potential to drive Zilliqa price down by 45% towards $0.085.
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