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.
advertisement
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.
Trending Stories
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.
advertisement
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
- Shiba Inu Emerges As Top Choice Of ETH Whales; Here’s Why
- Just-In: Shiba Inu Will Release New Token, Here’s How To Earn It
- Breaking: China Court Rules Restrictions On USDT, Here’s Why
- After Market Turmoil, USDC Issuer Circle Comes Clean Hinting No Liquidity Risks
- Just In: More Trouble For India’s Crypto Ecosystem With Latest Enforcement
- Is Celsius (CEL) Next To File Bankruptcy After Voyager, Three Arrows
- Bitcoin Hovers Around 20K; Will It Recover?
- Lido Staked ETH (stETH) Close To Ethereum Price, Why It’s Good For Crypto
- Ethereum (ETH) Recovery To $1.1K A Dead Cat Bounce, Here’s Why
- In June 2022, Bitcoin (BTC) Recorded the Worst Monthly Performance In History, Now What?
- MANA Price Analysis: Will Triangle Breakout Propel Market Price by 40%?
- Solana Price Analysis: Emerging Pattern May Bolster SOL Above $42.5
- BNB Price Analysis: Wedge Pattern Breakout Aims BNB to Surpass $300
- APE Price Analysis: $5.6 Breakout May Trigger Bullish Reversal pattern
- CRV Price analysis: Rising $CRV Knockout $0.86 Resistance; is $1 Next?
- Polygon Price Analysis: 20 EMA Resistance Pressurize MATIC for $0.45 Breakdown
- THORChain Price Analysis: Reversal Pattern Aim RUNE Price to Hit $3.4
- Sandbox Price Analysis: Cup & Handle Pattern Aims SAND to Reach $1.5
- AVAX Price Analysis: Breakout Rally Eyes $22.1 Mark; Buy Now?
- Cardano price Analysis: ADA Price Nearing Triangle Breakout Eyes $0.655
