The first week of the year marked high volatility for Zilliqa but later became moderate after recovering above a vital resistance level. it maintained the momentum in a shrink, waiting for an explosion.
Zilliqa’s price increased by roughly 10% overnight, taking the advantage of the market stability across the space in the last 72 hours. This increase puts the coin at the top gainer spot at the time of writing.
Volatility has been quite moderate for the past weeks as it continues to trade in an ascending channel formed on the 4 hours chart. The buying pressure looks low on the daily chart due to multiple price rejections.
Following the intra-day selling, which washed part of the recent gains to the current trading level of $0.03, ZIL has lost 4% of its price today. The $0.033 level has also been rejected. The asset is looking for nearby support.
There’s still hope for buying above the $0.028 level. The channel’s support remains important for a rebound to keep the bulls on track. If the buyers lack commitments, a potential roller coaster may cause a sudden price decline. As it stands now, the asset remains under a bullish radar.
ZIL Key Level To Watch Out For
On the daily outlook, Zilliqa struggles to increase due to a quick profit taking from the bull’s side. The bigger picture on the 4-hour chart shows that the bulls are still in control.
If the price drops lower and they initiate another entry around $0.028, we may see an increase to $0.0342. A channel breakup could propel the price straight to $0.036 and $0.038, and perhaps $0.04.
However, a breakdown from the channel could trigger a shock wave to $0.020. But before then, it may encounter support levels at $0.0265, $0.0245, and $0.0224 in succession.
Key Resistance Levels: $0.0342, $0.036, $0.038
Key Support Levels: $0.0265, $0.0245, $0.0224
- Spot Price: $0.030
- Trend: Bullish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Image Source: olegkachura/123RF // Image Effects by Colorcinch
Source: https://nulltx.com/zilliqa-price-analysis-prediction-feb-15th-zil-maintains-bullish-amid-market-crackdown-trading-in-a-channel/