Exclusive ZIL Reclaims Crucial Level, Expected to Continue Upward Movement

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In Brief
  • ZIL/USD has reclaimed the $0.15 support area.

  • Weekly and daily technical indicators are bullish.

  • ZIL/BTC has broken out from a descending resistance line.

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The Zilliqa (ZIL) price has reclaimed an important area at $0.15 and validated it as support.

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Both the ZIL/USD and ZIL/BTC pairs look bullish, indicating that there are further increases in store.

Long-term ZIL movement

On April 17, ZIL reached a high of $0.257 but decreased immediately afterwards, dropping to a low of $0.11 on April 23. Despite the drop, it is currently in the process of creating a bullish engulfing candlestick.

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There is a very significant hidden bullish divergence that has developed in the RSI. In addition, both the MACD and Stochastic Oscillator are increasing.

These are signs that the trend is still bullish and ZIL will continue towards new highs.

Chart By TradingView

Reclaim of support

The daily chart also supports the bullish outlook from the weekly one. After breaking out from the $0.15 area, the token returned in order to validate it as support. It did this on April 23, beginning the current bounce, which is still ongoing. 

Similar to the weekly time-frame, the RSI and MACD support the continuation of the upward movement. 

The closest resistance area is found near the April highs at $0.25, while the next one is found at $0.34.

Chart By TradingView

ZIL/BTC

Cryptocurrency trader @CryptoMichNL outlined a ZIL/BTC chart, stating that he expects highs of 500 and eventually 800 satoshis.

Source: Twitter

The daily chart shows a breakout from a descending resistance line. Afterwards, it returned to validate it as support. 

In addition, the token has also re-tested the 340 satoshi area, which is now likely to act as support. 

The RSI, MACD and Stochastic oscillator are all increasing, supporting the continuation of the upward movement.  The next resistance area is found at 650 satoshis.

Chart By TradingView

To conclude, due to the reclaim of crucial horizontal resistance levels, both the ZIL/USD and /BTC pairs are expected to continue increasing towards their respective resistance levels.

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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