Hey friends, hope you are well, and welcome to the new update on the Zilliqa coin.
Bull flag and re-testing of EMAs:
In the USD market, on the daily time frame chart, the price action of Zilliqa has formed a bull flag and moving in a down channel. In the meanwhile, it is also using exponential moving averages with the time period of 10 and 21 as support.
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Down channel has been broken out:
On the long-term weekly chart, the price action of Zilliqa coin with Bitcoin pair was moving in a down channel. Now the price line has broken out the resistance of this channel and re-testing the previous resistance as support to confirm this breakout. We also have 25 and 50 simple moving averages as support at the same level of support of the channel that was previously working as resistance. The 25 SMA also formed a bull cross with 50 SMA as well.
Ichimoku bearish cloud broken out:
On the same long-term weekly chart, in the Bitcoin market, the price action of Zil has also broken out the Ichimoku bearish cloud and now re-testing the previous resistance of cloud as support to confirm this breakout.
Big Shark move:
On the long-term monthly time period chart, the price action of the Zilliqa with Bitcoin pair has completed the last leg of bullish Shark pattern and entered in potential reversal zone. 1st the priceline found support at 0.00000050 btc and then found another support at: 0.000001150 btc . Simple moving average 7 is forming a bull cross with SMA 25.
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Conclusion:
As the priceline of Zilliqa has completed a very firm bullish setup in the Bitcoin market to move up against the BTC. Therefore, there are strong chances that the Zilliqa will also cross the previous high that Zilliqa set in the previous bull run.
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