The falling channel pattern reflects an overall downtrend in Zilliqa(ZIL) price, which recently plunged to a low of $0.045. However, this altcoin escaped the uncertainty in the crypto market with a bullish breakout attempt from this channel pattern. A successful retest may provide a long opportunity to target the $0.1 mark.
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Key points
- The ZIL price shows long wick rejection at 20-day EMA
- The ZIL buyers should wait for candle closing above the $0.058
- The intraday trading volume in the Zilliqa coin is $527 million, indicating a 128% gain.
Source- = Tradingview
The Zilliqa(ZIL) price has witnessed a gradual downfall since its last rally marked a high of $0.228. As a result, the downtrend evaporated nearly all the gains the coin holders experienced during the sudden boom in March.
The ZIL price has a recent market lower low of $0.04, registering an 82.6% fall from the mentioned high. Furthermore, the technical chart suggests this fall responding to the falling channel pattern.
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On May 12th, the ZIL price rebounded from the support trendline and showcased a sideways rally to challenge the overhead resistance. Today, the altcoin displayed a significant inflow with a 20% intraday gain and teased a bullish breakout from the price pattern.
A daily-candle closing above the descending trendline and $0.058 mark would trigger pattern completion and may drive the ZIL price back above $0.1.
Technical indicator
The daily MACD indicator offers a bullish crossover in the negative zone, supporting the break strategy from the channel pattern.
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The ZIL price undermined the recent death crossover of the 50-and-200-day EMA and rallied to the overhead trendline. Moreover, the 20-day EMA currently assists sellers in preventing a pattern breakout.
- Resistance levels- $0.058, and $0.066
- Support levels are $0.044 and $0.037a
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