Zilliqa’s price started strongly in July after suffering heavy losses in June that resulted in a 23 per cent drop. Today, the crypto looks poised to continue the recovery and is already up by almost a percentage point.
The prices are still trading within the support and resistance levels of $0.030 and $0.045, respectively. Prices have also traded in what looks like a sideways market for the past week, and today’s session looks like an extension of that trend.
Therefore, using the current price action, my Zilliqa price prediction expects the prices to continue going up throughout today’s trading session. However, I expect the prices to continue trading in the current sideways market in the coming sessions. My long-term price prediction expects the prices to stay trading within the support and resistance levels of $0.030 and $0.045, respectively.
Should the prices move past these two trading sessions, a new trend will have been established. For instance, if prices move past the $0.030 support level, the bearish trend continues, and we may see prices trading below the $0.025 price level soon. Conversely, prices trading above the $0.045 price level will also mean a new bullish trend has started. Unfortunately, for both of these events, I don’t expect them to happen soon; therefore, my analysis remains neutral, where prices continue to trade sideways.
Based on the above analysis, I believe that it is important to wait until a new trend has been established in the next few trading sessions. With the current sideways market trend, there is a high chance of going long, and the prices reversing and dropping below the support level. Therefore, analyzing the current risks indicates it is better to wait until a new trend is established when prices cross either the support or the resistance level before investing.
This post was last modified on %s = human-readable time difference 12:31