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Zilliqa (ZIL) Price Analysis: Rally Likely as Key Support Reclaimed

Zilliqa (ZIL) Price Analysis: Rally Likely as Key Support Reclaimed

The Zilliqa (ZIL) price has rebounded from a crucial support level, suggesting a bullish continuation. As long as ZIL remains above critical thresholds, traders may anticipate further upward movement, potentially targeting higher resistance zones.


Zilliqa’s Trading Range and Recent Performance

Current Trading Activity

  • Local High: $0.0306 on June 11, followed by a lower high of $0.028 on August 11.
  • Downward Trend: Reached a low of $0.012 on September 21.
  • Key Support: The $0.0177 level, which has alternated between support and resistance, now holds firm as a base for further upward momentum.

Since early October, ZIL has validated this area three times, indicating strong market support at this level.


Technical Indicators: Neutral with a Bullish Bias

Daily Time Frame Analysis

  • MACD (Moving Average Convergence Divergence): Positive but flattening.
  • RSI (Relative Strength Index): Above neutral 50 but lacking strong upward movement.
  • Stochastic Oscillator: Positive with signs of slowing momentum.

The immediate resistance zone lies at $0.0243, and breaking above it could signal further gains.

Weekly Time Frame Insights

On the weekly chart, ZIL’s broader trading range is $0.0138–$0.0267.

  • Support Zone: Price has rebounded from $0.0138, creating a bullish engulfing candlestick, a strong positive signal.
  • Stochastic Oscillator: Completed a bullish cross, though the slope indicates potential hesitation.
  • RSI: Holding above 50 but without strong upward momentum.

Potential Scenarios for Zilliqa Price Movement

Bullish Case

As long as ZIL remains above the $0.0138 support, the most likely scenario involves a rally toward the $0.0267 resistance area.

  • This rally could be supported by improving market sentiment and a rebound in broader cryptocurrency markets.

Bearish Case

If the price falls below the $0.0177 support zone, ZIL could retest the $0.0138 area. A sustained breakdown might lead to further declines.


Key Levels to Watch

Level Type Significance
$0.0177 Support Reclaimed as critical support level.
$0.0243 Resistance Immediate upside target.
$0.0138 Major Support Long-term support for bullish trends.
$0.0267 Major Resistance Potential rally target.

FAQs About Zilliqa (ZIL) Price Movement

1. What is the key support level for Zilliqa?
The critical support level for ZIL is $0.0177, which has been validated multiple times recently.

2. What is the nearest resistance zone for ZIL?
The nearest resistance lies at $0.0243, with a major resistance at $0.0267.

3. What indicators suggest a bullish trend for Zilliqa?
Indicators like the MACD, RSI, and Stochastic Oscillator are in positive territory, supporting a bullish bias.

4. What happens if ZIL falls below $0.0177?
A breakdown could lead to a retest of the $0.0138 support area and further declines.

5. How does the weekly chart influence ZIL’s outlook?
The weekly chart highlights a bullish engulfing candlestick and suggests a likely rally toward $0.0267, provided the $0.0138 support holds.


Conclusion: Zilliqa Positioned for a Potential Rally

Zilliqa (ZIL) has reclaimed a key support level, setting the stage for a potential upward rally. Technical indicators align with this bullish scenario, with the price likely targeting the $0.0267 resistance zone in the coming sessions. Traders should watch the $0.0177 support and $0.0243 resistance levels closely for confirmation of the next move.

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Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.