Hi friends hope you are well, and welcome to the new update on Zilliqa.
In the month of Mar 2022, Zilliqa formed a harmonic bulli reversal pattern with BTC pair and started a big pump.
Broke out big wedge:
During the pump in Mar 2022, Zilliqa also broke out huge wedge pattern in the weekly time frame. After a big rally Zil was rejected by the resistance of $0.23 and now testing teh support of $0.068 and also the support of 25 SMA. The next support will be at $0.05.
There is also 200 weekly simple moving average support below the $0.05 support level. The Stochastic is entering the oversold zone in the weekly chart.
Down channel:
In the 4-hour time frame, Zilliqa has broken out a down channel and after a short rally it has been rejected by the resistance of $0.10, but still moving above the channel's resistance.
The target of the channel is $0.133.
Another wedge formation:
On a very small 1-hr time frame, Zilliqa has formed another falling wedge pattern. If Zil breaks out this pattern then the probability for breaking out $0.10 resistance will be high.
Conclusion:
Even though the market is quite bearish, but Zilliqa is breaking out every pattern one after another. Therefore, if there won't be any Bitcoin dump then Zil can start another bullish rally soon.
In the month of Mar 2022, Zilliqa formed a harmonic bulli reversal pattern with BTC pair and started a big pump.
Broke out big wedge:
During the pump in Mar 2022, Zilliqa also broke out huge wedge pattern in the weekly time frame. After a big rally Zil was rejected by the resistance of $0.23 and now testing teh support of $0.068 and also the support of 25 SMA. The next support will be at $0.05.
There is also 200 weekly simple moving average support below the $0.05 support level. The Stochastic is entering the oversold zone in the weekly chart.
Down channel:
In the 4-hour time frame, Zilliqa has broken out a down channel and after a short rally it has been rejected by the resistance of $0.10, but still moving above the channel's resistance.
The target of the channel is $0.133.
Another wedge formation:
On a very small 1-hr time frame, Zilliqa has formed another falling wedge pattern. If Zil breaks out this pattern then the probability for breaking out $0.10 resistance will be high.
Conclusion:
Even though the market is quite bearish, but Zilliqa is breaking out every pattern one after another. Therefore, if there won't be any Bitcoin dump then Zil can start another bullish rally soon.