Zilliqa (ZIL) Price Prediction : ZIL crypto surged 30%, Takes U-turn to the moon

ZIL crypto price recovered 45% approx from the recent low at $0.01527 and formed a strong bullish reversal candle
Zilliqa price breakout 50 day EMA with a strong bullish volume bars

Zilliqa crypto price is trading with bullish cues and prices are expected to sustain above 50 day EMA in coming days. The previous few sessions were in the favor of bulls and prices surged over 30% while forming a strong bullish candle. Currently, ZIL/USDT is trading at $0.02235 with the intraday gains of 2.52% and 24 hour volume to market ratio stood at 0.5527

Is the ZIL wild up move fake or real ?

Source : ZIL/USDT 4 hourchart by Tradingview

On a daily time frame, ZIL crypto prices are showing initial signs of reversal by forming higher high bullish candles. In November, prices dropped below the 6 months consolidation support level at $0.02783 with a deep bearish candle, which triggered negative sentiment and prices hit a yearly low at $0.01527. Later, buyers showed some strength and attempting to reverse the trend in the favor of bulls.

ZIL prices recovered 45% approx from the recent lows and succeeded to trade above 50 day EMA (yellow) shows the confidence of bulls at lower levels and if price sustains above 50 EMA in coming few days, the ZIL up move should be treated as real and more bullish movement may continue in coming weeks. The previous breakdown level at $0.02783 will act as an immediate hurdle for bulls followed by the next hurdle at $0.03506. On the lower side $0.01500 will act as a strong support in the coming days.

The MACD has generated positive crossover with a rising histogram bars indicating the strength of bulls and prices are expected to continue its upside momentum whereas the RSI at 74 denotes prices may enter oversold territory soon and minor correction may also be possible.

Will the trend continue in the favor of bulls ?

On a lower time frame, ZIL crypto prices are slow and steadily slipping down but recently some aggressive buyers took the initiative and pushed the prices higher with more than average volume which triggered the wild upward movement. The supertrend indicator had generated a buy signal indicating the short term trend may continue in the favor of bulls. However, if prices dropped below $0.01600 level the trend reversal will become doubtful

Summary

ZIL prices had succeeded to reverse the short term trend in the favor of bulls and prices are expected to hold the current levels. As per technical analysis, prices are near to overbought zones and may face resistance on higher levels but the upward momentum is still intact. Therefore, minor correction or consolidation is also possible. As of now, aggressive traders might look for buying opportunities for the target of $0.03000 and above levels by keeping $0.01800 as SL. However, if prices slipped below $0.01800 bears may try to drag the prices further down towards new lows.

Technical levels

Resistance levels : $0.03506 and $0.04978

Support levels : $0.01500 and $0.01000

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.