ZIL, DOGE & COCOS: Technical Analysis For March 16

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The Ziliqa (ZIL) price is trading above support at $0.145, and approaching its all-time high price.

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The Dogecoin (DOGE) price is facing resistance at $0.0625 but is expected to break out.

The Cocos-BCX (COCOS) price has bounced at the previous all-time high resistance of $1.20.

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Ziliqa (ZIL)

ZIL has been moving downwards since Mar. 12, when it reached a high of $0.199. 

Despite the drop, ZIL is trading above the $0.145 area, which previously acted as a resistance. Now, it has validated it as support. The area is the 0.618 Fib retracement of the most recent drop. 

The MACD & Stochastic oscillator are both increasing. While the RSI is not, it is still above 70. 

Therefore, it is likely that the long-term trend is bullish. If so, ZIL would be expected to gradually move upwards towards its all-time high price of $0.239. 

The shorter-term two-hour chart shows that ZIL is trading inside a parallel descending channel. This is likely to be a corrective movement. 

Therefore, a breakout is expected. The two-hour MACD also supports this. 

Before moving to its all-time high, the closest resistance area is found at $0.21.

Highlights

  • ZIL is trading above support at $0.145.
  • It is trading inside a short-term parallel descending channel.

Dogecoin (DOGE)

DOGE Has been moving upwards since Feb. 23, when it reached a low below the 0.5 Fib retracement level at $0.045.

DOGE reclaimed the Fib support shortly afterward and has been increasing since. 

Currently, it is trading just below the $0.0625 resistance area. So far, it has made two unsuccessful breakout attempts. 

However, the Stochastic oscillator has made a bullish cross. Also, the MACD has given a bullish reversal signal. 

Therefore, an eventual breakout is expected.

The shorter-term six-hour chart supports this possibility since it shows an ascending support line. When combined with the previously outlined horizontal area, it creates an ascending triangle.

A breakout that travels the entire height of the pattern would take DOGE to the previous highs at $0.086.

Highlights

  • DOGE is facing resistance at $0.0625.
  • It is following an ascending support line.

Cocos-BCX (COCOS)

COCOS is a lesser-known altcoin but is a part of both the Binance Smart Chain (BCS) and Non-Fungible Tokens (NFTs).

On March 15, COCOS bounced at the previous all-time high resistance area of $1.20. 

Since the price is at an all-time high, we need to use an external Fib retracement to find the next resistance areas. 

Doing so gives us resistance at $2 and $2.91.

The bullish cross in the Stochastic oscillator and the MACD increase support this possibility.

A closer look at the two-hour chart shows that COCOS is trading right at the 0.5 Fib retracement resistance at $1.52.

A breakout above this level is required for the short-term trend to be confirmed as bullish. 

Both the short-term MACD & RSI support this movement. The former has given a bullish reversal signal while the latter has moved above 50. 

Therefore, COCOS is expected to break out and move towards the resistances from the previous image.

Highlights

  • COCOS has bounced at the $1.20 support area.
  • There is resistance at $2 and $2.91.

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 discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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