Zilliqa, Massive Descending-Triangle, Breakout Incoming!

Hello,

Welcome to this analysis about Zilliqa, we are looking at the 6-hour timeframe perspectives. Zilliqa in the previous bearish developments with which the cryptocurrency market has shown up unless other cryptocurrencies moved below the previously established supports of 0.06 and formed a new lower low which does not mean Zilliqa can not recover from this and in fact after the new lower low was formed Zilliqa bounced back and initially recovered in the structure which was firstly a good sign. Besides that I discovered the main formation that will play an important factor in the near future, therefore I detected all the important levels and likely determinations we should consider with Zilliqa.

Structural Developments:
As when looking at my chart we can watch there how Zilliqa established this paramount descending-triangle-formation with the coherent wave-count in the formation already completed with the waves A to E in the schedule which firstly completed the wave-count and therefore serves as a part of completing the whole formation. As Zilliqa now approaches the upper boundary of this major descending-triangle-formation this is a possible test for a breakout especially as the 65-EMA in green is also tested. Furthermore, since Zilliqa bounced in the 0.05 level there came some decent solid volatility into the place from which Zilliqa has the ability to build up on and increase volatility that leads to the breakout-confirmation of this main formation.

Upcoming Determinations:
Taking all these factors into the consideration now Zilliqa is in a situation in which it has developed this great descending-triangle-formation which in most occasions is a bullish reversal formation that indicates the final bullish reversal and continuation to the upside. The only thing that remains now is the final validation of this whole formation which will happen when Zilliqa breaks out above the upper boundary of the formation and in this case also importantly above the 65-EMA in green to move on and test the 100-EMA in red. When this suggested breakout is finally established Zilliqa will activate the upside targets within the dynamic-descending-triangle-target-zone and when these are reached the situation needs to be elevated anew.

In this manner, thank you for watching my analysis about ZILLIQA and the main descending-triangle-formation likely to be the origin of an upside-breakout and increased volatility coming into, great when you support it with a like and follow or comment for more market insight!

Information provided is only educational and should not be used to take action in the market.