Zilliqa Price Prediction: ZIL primed for a 30% upswing as several metrics turn bullish

Zilliqa price hints at another 30% rally after a breakout from a bull flag pattern.
A breach of a critical supply barrier at $0.085 has opened up ZIL for a quick surge to $0.12
On-chain volume and developer activity add credence to its bullish thesis.

Zilliqa price has increased nearly 240% between December 12 and 27, 2020. This massive parabolic rally ended as the price slid into a consolidation pattern.

Zilliqa price on a freeway to $0.12

Pausing its recent rally, ZIL was consolidating in a symmetrical triangle. Such technical formation was part of a bull flag that projects a 70% target.

Thus far, Zilliqa price has surged 30% since it broke out of the bull flag in the 12-hour chart. This leaves the possibility for another 30% rally on the table. The SuperTrend indicator indicated a buy signal on January 30 and added to the token’s bullish scenario.

ZIL/USDT 12-hour chart

At the time of writing, Zilliqa’s on-chain volume noticed a 96% increase from $101 million to $197 million since February 7. The dramatic rise in this metric further validates ZIL’s bullish thesis.

Zilliqa on-chain volume chart

Additionally, Zilliqa’s development activity surged by 50% from 0.36 to 0.54, while prices rose by 12% from $0.080 to $0.090. Usually, investors tend to associate a spike in development activity with the new update rollouts or announcements, which can help Zilliqa price advance further.

Zilliqa developer activity chart

Despite the overwhelming bullish indications, a breach of the immediate support at $0.085 could invalidate ZIL’s bullish thesis and trigger a sell-off. The resulting downswing could send the price down towards a confluence of support around 50 and 100 twelve-hour MA at $0.072.

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.