At the time of writing, Zilliqa’s price has decreased to $0.063, a fall of almost $.0400 from its high of $0.1052 on 27th December.
In this technical analysis, we will see the bullish trend still remains as it has held some important support.
Starting with the Weekly ZIL/USD chart, Zilliqa is currently in a continuation bullish flag pattern. The proceeding movement which took it from $0.01766 to its recent high of $0.1052 was too rapid and the strong thrust up needed a break in this bullish move.
ZIL has found support on the Weekly 9EMA and held the level well for the past five weeks.
ZIL/USD Weekly chart showing volume has dried up as we wait a breakout
Volume has also dried up, which is a positive sign that the bears have not been interested in selling the asset recently.
Moving onto the ZIL/BTC Monthly chart, the asset has also bounced off the Monthly 9EMA, ensuring bulls are still in charge.
Bullish bounce off Monthly 9EMA
Inputting a Fibonacci Retracement indicator on the Weekly ZIL/BTC chart, we would need Zilliqa to close above ?0.00000287–?0.00000308 at the 0.236 Fibonacci level with strong volume for further follow up and continuation .
Weekly ZILBTC Fibonacci levels
Looking at Daily ZIL/BTC chart, it has held the 200MA and bounced higher from support. Holding the 200MA is a long term bullish indicator. All these are good signals for the bulls.
Daily ZIL/BTC holding 200MA
At the moment ZIL is clearly in consolidation mode, however, we need a break from the Weekly ZIL/USD bull flag before we can confirm its next move.
