Zilliqa has been ballooning over the last month, up a staggering 424.99% from $0.04 on April 10th to a height of $0.21 achieved earlier this morning.
In spite of the bear market that has been gripping the crypto market over the past 7 days, ZIL token has still managed bank a massive 58.54% gain against BTC pairing; more than any other alt-coin in the top 50.
But now that money has begun flowing back into the leaderboard today, how long can we expect this bullish hype to continue for?
In the most recent price activity, we can see that ZIL has already corrected from a bullish run this morning that exhausted itself at the 0.236 fib level before settling back along the 0.5 level.
The bulls are now resting along this support for the time being, before setting up to rally again later to take on the next price target.
In the second pattern can see the lower wicks of the candles are shortening towards the 0.5 fib support with decreasing highs edging towards another potential bullish pennant pattern.
Looking at the momentum indicators we can see that MACD is still below the signal line after the previous correction, with the faster MA still yet to converge above the slower average line.
RSI however, is showing some upward movement toward the center of the channel as orders start to swing in the asset’s favor again.
The price action recently slipped below the 0.5 support over the last few 15 min candles but continues to consolidate well in the current pattern. Judging by the triangle point, we should be expecting the breakout over the next hour if this formation plays out.
Alternatively, if this fails then we could see further sideways movement inside a channel between the 0.5 at 2,032 Sats and upper 0.382 fib level at 2,185 Sats before support has time to amass again to carry the asset skyward.
Zilliqa (ZIL) Price Targets
We have 2 price targets for this next pattern continuation, as the asset breaks out toward upper Fibonacci resistance levels.
Price Target 1: A retracement to the 0.236 fib level at 2,145 Sats for a 20.75% gain from the 2000 Sat breakout mark.
Price Target 2: Our 0.0 fib level at 2,760 Sats is our final price target for this next bull run.
When looking at intraday standard pivot points over 30min candles (above), we can see the R5 (the 5th and highest projected resistance level) sits perfectly along this same Sats level which confirms this as a top end resistance level in Zilliqa’s future price trajectory. This will deliver a gain of 38.00% from the 2000 Sat breakout mark.
This article appeared first on Cryptovest
