Zilliqa Price Prediction: ZIL on the threshold for a 55% breakout

Zilliqa is on the verge of a massive 55%, following the formation of a symmetrical triangle.
A confirmed upswing above the 100 SMA might set ZIL on the recovery path to $0.028.

Zilliqa has retreated by 58% from the yearly high of $0.031 achieved in July. The token initially embraced support at 0.016 in August, which allowed the buyers to regain control over the price. From this anchor, ZIL recovered to $0.029. Unfortunately, selling pressure resumed and became unstoppable until just recently when ZIL embraced support at $0.013.

Zilliqa on the verge of a massive breakout

The daily chart for ZIL/USD brings into the picture a symmetrical triangle pattern. The lower trendline was instrumental in mitigating downward price action in September and October. However, the upper limit of the triangle capped the price movement to the north.

Meanwhile, ZIL is trading at $0.018 amid a developing bullish momentum. Trading above the 100 SMA will boost the bulls' efforts, perhaps even result in a 55% breakout to $0.028. An expected increase in the demand for this token will validate the bullish outlook.

ZIL/USD daily chart

The 4-hour chart highlights the formation of a descending parallel channel. Zilliqa has already broken above the short-term channel's upper boundary, adding credence to the bullish outlook. Moreover, the Moving Average Convergence Divergence (MACD) is almost crossing above the midline. Although the MACD is a lagging indicator, it helps to point out the trend's general direction.

ZIL/USD 4-hour chart

It is worth noting that Zilliqa must break and hold above the 50-day SMA to validate the uptrend. On the other hand, if the price reverses under the 200-day SMA, Zilliqa may plummet by 55%, as projected by the symmetrical triangle. Therefore, the market participants must wait for a clear breakout of either the support or resistance to benefit from the potential significant price movement.

Share: Cryptos feed

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.