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ZIL’s Upward Move Has the Potential for Considerable Gains

2 mins
Updated by Ryan Smith
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In Brief

  • ZIL is trading between long-term support and resistance at $0.16 and $0.27, respectively.
  • Technical indicators on the daily time-frame are bullish.
  • The price has broken out from a descending resistance line.
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The Zilliqa (ZIL) price has been increasing since Sept 21 and has reclaimed an important horizontal level while breaking out from a short-term descending resistance line.
The price is likely to continue moving upwards towards the resistance levels outlined below.

Long-Term Levels

The ZIL price is currently trading above a long-term support level near $0.016, having done so since it broke out in June. While the price purportedly fell below this level in Sept, it subsequently reclaimed it and left a long lower wick in its wake. The main resistance area is found near $0.027, above which the price has not traded since Oct, with the exception of one wick in July 2020. While technical indicators do not provide a definitive direction, the RSI is above 50, a bullish sign. Outside of the current $0.016 – $0.027 range, the closest resistance is at $0.036, while the closest support is at $0.009.
ZIL Movement Long-Term
ZIL Chart By TradingView

Current Move

ZIL has been moving upwards since it reached a low of $0.0127 on Sept 21. The price has reclaimed the $0.0175 resistance area, which has now turned to support. Technical indicators are bullish. The MACD and the RSI are increasing, the former being above 0 and the latter above 50. The Stochastic Oscillator is very close to making a bullish cross. Therefore, the price should continue increasing towards the previously outlined $0.027 resistance area.
ZIL Technical Indicators
ZIL Chart By TradingView
The shorter-term 6-hour chart supports this possibility since ZIL has broken out from a descending resistance line and then validated it as support.
ZIL Short-Term Breakout
ZIL Chart By TradingView

Wave Count

Cryptocurrency trader @Mesawine1 tweeted a ZIL chart, which shows that the price has begun a bullish impulse. If the entire move takes place as expected, ZIL could reach a high above $0.036.
ZIL Wave Count
Source: Twitter
Measuring from the June high, it seems that the price has completed an A-B-C corrective structure (shown in black below), in which the A:C waves have a 1:1 ratio, customary in such corrections. If the count is accurate, the price has begun a new upward move after the Sept 21 low (highlighted in green). It is likely to take the price towards the resistance areas outlined in the first section, at $0.027 and $0.036, respectively.
ZIL Long-Term Count
ZIL Chart By TradingView
The shorter-term count shows that the price has possibly completed waves one and two of this upward move (blue) and has begun the third one. A decline below the wave two low (blue) at $0.0165 would invalidate this particular wave count.
ZIL Short-Term Count
ZIL Chart By TradingView

Conclusion

To conclude, it’s likely that ZIL has begun a new upward move that should take the price towards the $0.027 resistance area from the Aug highs, and possibly higher. For BeInCrypto’s latest Bitcoin analysis, click here! Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto.
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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona 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. (I do not have a discord and will not contact you first there. Beware of scammers)
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