Our Zilliqa price prediction appears to be bullish but with certain conditions. We’re still not confident about the recent breakout from the symmetrical wedge pattern. The reason is that the ZIL price chart is not showing a significant increase in volume despite confirming the breakout. Therefore, if you’re a breakout trader, then you must wait for a higher high on the 4H chart or at least an increase in trading volume.
Zilliqa crypto appears to have formed a double top pattern with $0.25 and $0.23 as peaks. These peaks were hit in May 2021 and April 2022, respectively. The price seems to have found strong support around the $0.04 region as it has successfully bounced from this level many times.
At the time of writing, Zilliqa price is trading at $0.044. The coin has gained 4.7% within the past 24 hrs. Overall, the price is almost 83% down from its May 2021 all-time high of $0.25.
According to Zilliqa news today, the project celebrated its 5-year anniversary yesterday. The project streamed live on YouTube to celebrate the milestone. However, even after 5 years since its launch, the project has yet to gain much traction. The network activity on its blockchain is still very limited when compared with other L1s.
Technical analysis of the ZIL coin shows a clear breakout of the symmetrical wedge. As the crypto markets has a slight pull back yesterday, the price took the opportunity to confirm the breakout. A cherry on the top of this breakout would be an increase in volume, which the price appears to be lacking right now.
The measured target of this breakout is $0.063, which coincides with the 0.382 Fib retracement region that connects the May high to the June low. However, this Zilliqa price prediction would only be valid if the price reclaims the $0.0455 level. Another hurdle could be another dip in Bitcoin price, which might trigger another sell-off in ZIL USD. You may trade this setup with tight stops below $0.038 on top crypto exchanges like Binance, BYBIT and Kucoin.
This post was last modified on Aug 05, 2022, 12:42 BST 12:42