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- ZIL ends the consolidation phase, set to fly above $0.18
- Strong support level set to favour the bulls
Ziliqa is one of the known crypto assets that has joined the bull run after a consolidation phase. It saw a rise of 3.29% in the last 24 hours reaching the market capital of $2,036,161,190 and is trading at $0.1839.
An analyst on the microblogging site Twitter wrote about the long time consolidation pattern being challenged by bull markets.
From the bull markets in February, the price of ZIL has been consolidating, only to break the crucial $0.12 resistance to create a 52 week high of $0.1998. With the bull markets rigging up to create good support levels at $0.175 to support the upside momentum.
ZIL broke out of the parallel channel on March 19, 2021, and is looking good so far. The $0.181 level is expected to support the price. After the profit booking session ends, the price may face a reversal pattern.
MACD levels on weekly, daily and 4 hour candle charts are Bullish, but due to profit-booking, indicate neutrality on the intraday charts. While RSI resorts to 40 levels meaning slightly oversold region, there is a huge anticipation for upside momentum, as the masses start a buying spree.
The 50 SMA on the 4-hour chart must hold to avert potential declines to $0.145. The action above the stubborn resistance at $0.2 may trigger massive buy orders as the fear of missing out (FOMO) grips investors. Further up, bulls have their eyes glued on $0.3.
Bollinger bands seem to be converging, however, there is enough space for $0.1 movement of price up and down. There are chances of price action driving the price of ZIL looking at its historical data.
The news about Zilika launching a $5 million fund to support Blockchain based startups can also attract the investors.
Resistance : $0.188, $0.195
Support: $0.18, $0.175