Previously, ZIL was trading in the channel of 0.98 to 0.14. We saw huge demand holding the support line of 0.09ish to 0.11ish. However, the BTC is the king and has dragged down the whole market into sea of red, and ZIL is without exception.
We said that if ZIL is unable to bounce off from the first red circle, which is likely the bottom for that time, it will continue to make a lower low. Well, it eventually did and we soon saw another lower low until we see some consolidation between 0.06ish to 0.07ish which is indicating some bear weakness. Soon enough, it marked as a local bottom before spiralling upwards for a 40% gain recently.
We saw that ZIL is rejecting the support turned resistance (0.098). We got three possible scenarios here.
First, a slight pullback to around the area of 0.083 for a retest and then eventually break higher, OR
Second, we break lower down to 0.06 for a medium-range retest.
Third, the worst case is to make another lower low to test the 0.04ish region (low probability for me but I would not rule this out). There is no more bad news from the FOMC and the market should see a short term relief rally but I believe it should not last this short. Long term still shows some uncertainty even though Powell stated 0.75bps is not considerable and possible to bring inflation down without a recession.
BTC is showing much strength and we did not retest 35k bottom when Ukraine and Russia started the conflict.
Great accumulation zone for Zilliqa here. 40% gain during the first day of short term rally showed people believed in the project and is patiently waiting for a good entry.
We said that if ZIL is unable to bounce off from the first red circle, which is likely the bottom for that time, it will continue to make a lower low. Well, it eventually did and we soon saw another lower low until we see some consolidation between 0.06ish to 0.07ish which is indicating some bear weakness. Soon enough, it marked as a local bottom before spiralling upwards for a 40% gain recently.
We saw that ZIL is rejecting the support turned resistance (0.098). We got three possible scenarios here.
First, a slight pullback to around the area of 0.083 for a retest and then eventually break higher, OR
Second, we break lower down to 0.06 for a medium-range retest.
Third, the worst case is to make another lower low to test the 0.04ish region (low probability for me but I would not rule this out). There is no more bad news from the FOMC and the market should see a short term relief rally but I believe it should not last this short. Long term still shows some uncertainty even though Powell stated 0.75bps is not considerable and possible to bring inflation down without a recession.
BTC is showing much strength and we did not retest 35k bottom when Ukraine and Russia started the conflict.
Great accumulation zone for Zilliqa here. 40% gain during the first day of short term rally showed people believed in the project and is patiently waiting for a good entry.