Zilliqa Price up 10%, ZIL Price ready for swing high breakout?

Zilliqa Price surged 10% approx in the last 24 hours.
Zilliqa price sustaining above the 50 and 200-day EMA showcase uptrend.
ZIL Price is in recovery mode and racing toward the supply zone.

Zilliqa’s Price surged 10% in a single day and is up by 21% in the current month. ZIL price formed a bullish continuation pattern. It rises upwards by forming higher high swings and attempting to break the hurdle at $0.03700.

Zilliqa Price is sustaining above 50, and the 200-day EMA showcase positional trend is upward. Both the EMA is reversing upward and might display a golden crossover in the coming week. The Zilliqa price showed a strong recovery from the swing low at $0.02117, and buyers seem to be returning to the track.

Zilliqa Price is trading at $0.03527 with an intraday rise of 5% and a 24-hour volume-to-market cap ratio at 0.3493. The pair of ZIL/BTC is trading at 0.00000116 with an intraday rise of 4.5%. The chart structure of the ZIL/BTC pair forms a double-bottom pattern. It shows buyers are getting active in both pairs, and Zilliqa crypto is turning highly bullish.

In the mid of February, Zilliqa Price attempted to break the $0.03700 level, but sadly the attempt failed. ZIL price formed a bearish rejection candle, and slowly it reverted in a downward direction. Zilliqa’s price witnessed profit booking and declined by creating lower lows and losing most of the previous gains.

Will Zilliqa Price break out of the swing high hurdle?

ZIL/USDT daily chart by TradingView

Zilliqa Price took support at $0.0217 and formed a bullish hammer candle. It indicated signs of a bullish trend reversal, and prices bounced back with solid momentum. Overall market sentiment also improved, which positively impacted the cost of Altcoins, and Zilliqa is one of them.

Zilliqa Price consolidated for a few weeks in a narrow range, and finally, it shows signs of upward range expansion. The technical analysis suggests Zilliqa Price is in an uptrend. If market sentiment remains bullish, then the possibility of high swing breakout will increase. On the other hand, if the Price faces rejection then $0.03000 will act as immediate support for the bullish traders.

ZIL Price bullish on multiple time frame

ZIL’s price formed a bullish candle on a weekly time frame, breaking the previous week’s high. It indicates Zilliqa Price is turning bullish on multiple time frames which might attract the attention of investors. The volume in the Zilliqa crypto is rising, and the price follows the same direction. Technical indicators like MACD had generated a positive crossover, indicating bullish momentum to continue. The RSI at 71, sloping upward, denotes the strength of bulls, but prices are near the overbought territory.

Conclusion

Zilliqa Price surged 10% on a single day and is trading near a two-month high. ZIL price forms a bullish continuation pattern and turns bullish in multiple timeframes. The technical analysis suggests Zilliqa Price is in an uptrend, and if buyers succeed in breaking $0.03700, then more upward momentum is possible in the coming weeks.

Technical levels

Resistance levels: $0.03700 and $0.04967

Support levels: $0.02524 and $0.02000

Disclaimer

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

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing