ZIL Bounces and Aims for New All-Time High Price

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In Brief
  • ZIL has bounced at the $0.15 support area.

  • There is resistance at $0.34 and $0.48, respectively.

  • ZIL/BTC has reclaimed the 300 satoshi area.

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Zilliqa (ZIL) has been moving upwards since April 23, when it bounced at the $0.15 support area.

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ZIL is expected to continue moving upwards, at least until it reaches a new all-time high price and potentially move higher.

Current ZIL increase

ZIL has been moving upwards since April 22, when it bounced and reclaimed the $0.15 support area. So far, it has managed to reach a high of $0.229. The high was made slightly below the all-time high price of $0.257, which was reached on April 17. 

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Technical indicators are bullish, supporting the continuation of the upward movement. This is especially evident with the bullish cross that has just transpired in the Stochastic Oscillator.

If ZIL continues to increase the next closest resistance area would be found at $0.343. This is the 1.61 external retracement of the most recent drop. Afterwards, there is resistance at $0.484, the 2.61 external fib retracement of the same drop.

Chart By TradingView

The longer-term weekly chart aligns with this outlook. After reaching a new all-time high, the price dropped considerably. However, it has regained previous all-time high resistance area. 

In addition, there is a massive hidden bullish divergence that has developed in the weekly RSI. This is a strong sign of trend continuation, which could lead to an upward movement.

Due to the lack of resistance above the current price, the increase could become parabolic.

Chart By TradingView

ZIL/BTC

Cryptocurrency trader CryptoTony_ outlined a ZIL/BTC chart, stating that the coin is just breaking out from a nearly two year accumulation range, and is likely to reach new highs.

Source: Twitter

The ZIL/BTC chart also looks bullish. It has broken out from a descending resistance line, and then returned to validate it as support, alongside the 300 satoshi area.

Technical indicators are bullish, supporting the continuation of the upward movement. 

As outlined in the tweet, the next closest resistance area is found at 650 satoshis.

Chart By TradingView

To conclude, ZIL is expected to reach an all-time high and increase well into price discovery. The next closest resistance levels are found at $0.34 and $0.48, respectively.

The ZIL/BTC pair also looks bullish and is expected to continue towards the next resistance area at 650 satoshis.

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo. In 2019, he decided to focus full-time on cryptocurrencies and trading.

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