The Zilliqa (ZIL) price has reclaimed an important area at $0.15 and validated it as support.
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.
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.
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.
ZIL/BTC
Cryptocurrency trader @CryptoMichNL outlined a ZIL/BTC chart, stating that he expects highs of 500 and eventually 800 satoshis.
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.
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.
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